Analysis of wave counting:
During the past week, the EUR/USD pair began with a downward movement, and only after a decline to the level of 1.1820 rebounded more than 140 percentage points from the minimum reached on Wednesday. Thus, in connection with the working off of the ratio 1.618 (by Fibo) between the dimensions of waves a and c, in B, in (C), the currency pair has attempted to complete the wave c and go to the stage of wave formation d in B, in (C). If this is so, and wave c, in B, in (C) does not take an even more complex form, then the already indicated growth of quotations can be further developed in the direction of the level of the 23rd figure.
Target for buying:
1.2200 - 1.2400
Target for selling:
1.1828 - 161.8% by Fibonacci
1.1709 - 38.2% by Fibonacci
General conclusions and trading recommendations:
The trading instrument supposedly completed the construction of the wave c, in B, in (C) near the calculated mark of 1.1828, which corresponds to 161.8% of Fibonacci. Thus, it is recommended buying the currency pair with targets that are about 23 and 24 figures within the framework of wave d. It is recommended to go back to selling at break of a mark 1.1828 with the targets, which are near the mark 1.1709 (38.2% on Fibonacci).
The material has been provided by InstaForex Company - www.instaforex.com