Wave counting analysis:
On Wednesday, January 16, trading ended for EUR / USD by a decrease of 20 basis points. Thus, the uptrend of the trend, taking its beginning on November 12, takes an ambiguous and complex look. The wave takes the form of a diagonal triangle, but a further reduction of the instrument will lead to the complication of the entire wave pattern on the instrument. Therefore, while I expect the pair to rise within wave 5, c, one of the possible signals to start building this wave would be an unsuccessful attempt to break through one of the nearest fibo levels (50.0% or 38.2%).
1.1345 - 38.2% Fibonacci
1.1315 - 23.6% Fibonacci
1.1599 - 161.8% Fibonacci
1.1677 - 200.0% Fibonacci
General conclusions and trading recommendations:
The pair continues to build wave 4, c, which turns out pretty deep. . Since the wave with does not look complete, I expect the resumption of raising the instrument and recommend buying a pair with targets located near the estimated marks of 1.1599 and 1.1677. I recommend placing protective orders below the Fibonacci level of 23.6%, which is the minimum of the expected wave 2, in s.
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