Wave counting analysis:
On Tuesday, February 12, trading ended for EUR / USD by 50 bp increase. Thus, the instrument inside the intended wave 3 clearly shows the five-wave structure of the waves. If this is true, then there should be another final impulse wave 5, 3. The unsuccessful attempt to break through the 76.4% Fibonacci level implies that the instrument is ready to build this wave. The breakthrough of the 76.4% level will indicate the pair's readiness for an increase and will suggest the completion of wave 3, which in this case can be interpreted as a wave with inside the three wave structures.
1.1228 - 127.0% Fibonacci
1.1215 - 0.0% Fibonacci
1.1444 - 38.2% Fibonacci
1.1514 - 50.0% Fibonacci
General conclusions and trading recommendations:
The pair continues to build a downward wave of 3. Thus, now I still recommend selling EUR / USD, but be more cautious, with targets around 1.1228 and 1.1215, which corresponds to 127.2% and 0, 0% Fibonacci. I expect the construction of wave 5, 3, which may turn out to be small and only a few bp. It may go below the minimum of wave 5, 3, or even shorten.
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