Wave analysis of EUR / USD for December 7. Calm before the storm - ConsultFX

Wave analysis of EUR / USD for December 7. Calm before the storm


Wave counting analysis:

In the course of trading on Thursday, the EUR / USD pair gained several dozen points and thus remained within the framework of the construction of the proposed wave from the corrective trend section. The wave takes a very complex and unusual look. This is due to the expectation of a market for Brexit voting results in the UK Parliament. After it becomes clear what decision parliamentarians take, the wave pattern may take a clearer view. However, it may also require additions since the decision may be unexpected and definitely will not remain a strong market reaction.

Sales targets:

1.1215 - 0.0% Fibonacci

Shopping goals:

1.1471 - 100.0% Fibonacci

1.1528 - 127.2% Fibonacci

General conclusions and trading recommendations:

The pair continues to be in the framework of building an upward set of waves. Based on the current wave counting, I expect quotes to increase with targets located near the estimated 1.1471 mark. However, wave c may take a shorter look, and after December 11 all wave markings may change significantly. Thus, any deals for the pair should now be intraday in nature.

The material has been provided by InstaForex Company - www.instaforex.com