Wave counting analysis:
During the trading on Monday, the EUR / USD currency pair gained about 20 basis points. Thus, there are reasons to assume the completion of the construction of the proposed wave 2 as part of a new upward trend, which can assume a three-wave structure. Thus, the increase in quotations can continue with targets located near the Fibonacci level of 38.2%. There are no grounds for expecting a complication of the downward trend section, originating on September 24.
The objectives for the option with sales:
1.1302 - 0.0% of Fibonacci
The objectives for the option with purchases:
1.1496 - 38.2% of Fibonacci
1.1557 - 50.0% of Fibonacci
General conclusions and trading recommendations:
The currency pair allegedly completed the construction of the downward trend. Thus, now I recommend buying a pair with targets located near the estimated levels of 1.1496 and 1.1557, based on the construction of an upward set of waves. Estimated wave 2 in the composition of the first wave of the ascending section has completed its construction.
The material has been provided by InstaForex Company -
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