Wave counting analysis:
On Wednesday, January 9, trading went up by 100 bp for EUR / USD. Thus, the fourth attempt to break through the level of 100.0% was completed successfully, and the tool was able to continue building the expected wave from its internal wave 3. The Eurocurrency finally began to receive support from the news background, in particular, information that the Fed could stop tightening monetary policy negatively affects the dollar. Given the dimensionality of waves 1 and 2 in s, it can be assumed that the uptrend of the trend can be quite long.
1.1444 - 38.2% Fibonacci (formal goal)
1.1599 - 161.8% Fibonacci
1.1677 - 200.0% Fibonacci
General conclusions and trading recommendations:
The pair continues to be in the construction stage of the proposed wave. Thus, I still recommend buying a pair with targets located near the estimated marks of 1.1599 and 1.1677, which corresponds to 161.8% and 200.0% of Fibonacci. There are no grounds for assumptions about the construction of a downward wave or trend section at the moment.
The material has been provided by InstaForex Company - www.instaforex.com