Wave counting analysis:
During the trading on Friday, the EUR / USD currency pair gained about 65 basis points. Thus, the estimated first wave in the future from the downtrend of the trend has completed its construction. If the current wave counting is correct, then the increase in quotations will continue for some time, after which it is expected that the decline will resume within wave 3, c with targets located under the 14 figure. So far, there is no reason to clarify the current wave marking.
The objectives for the option with sales:
1.1327 - 127.2% of Fibonacci
1.1194 - 161.8% of Fibonacci
The objectives for the option with purchases:
1.1578 - 61.8% of Fibonacci
General conclusions and trading recommendations:
The currency pair supposedly completed the construction of wave b, as well as the first wave c. Thus, now I recommend preparing for new sales of the pair, but for this, you need a signal to complete the construction of the proposed wave 2, c. When this happens, it will be possible to open new sales with targets that are below the calculated mark of 100.0% Fibonacci (1.1431).
The material has been provided by InstaForex Company -
www.instaforex.com