Wave counting analysis:
In the course of trading on Friday, the EUR / USD pair fell by 75 basis points, but it turned to growth on Monday. Thus, the conclusion suggests itself that waves 1, 2, 3, of the new upward trend sections, have completed their construction. If this is true, then the increase in quotations will continue within the framework of the expected wave 3, 3, with targets located near the level of 127.2% Fibonacci. There is still an option in which the entire downward section of the trend will take a more complex form, but at the moment, this option is a backup.
The objectives for the option with sales:
1.1215 - 0.0% of Fibonacci
The objectives for the option with purchases:
1.1471 - 100.0% of Fibonacci
1.1528 - 127.2% of Fibonacci
General conclusions and trading recommendations:
The currency pair remains within the framework of the uptrend plot. I recommend buying a pair with targets located near the estimated marks of 1.1471 and 1.1528, which corresponds to 100.0% and 127.2% of Fibonacci. Only a successful attempt to break through the minimum of the supposed wave 2 will indicate the pair's readiness to complicate the downward set of waves.
The material has been provided by InstaForex Company -
www.instaforex.com