Wave counting analysis:
In the course of trading on Wednesday, the EUR / USD currency pair gained only about 15 basis points, so the current wave pattern did not change. It is still assumed that the second wave in the future first new upward trend section is completed. If this is true, then from the current position, the pair will continue to rise with targets located near the 100.0% level on the small Fibonacci grid. An unsuccessful attempt to break through the 50.0% level is in favor of this. As before, the news background can destroy the current wave marking, but there are no prerequisites for this yet.
The objectives for the option with sales:
1.1215 - 0.0% of Fibonacci
The objectives for the option with purchases:
1.1500 - 100.0% of Fibonacci
1.1577 - 127.2% of Fibonacci
General conclusions and trading recommendations:
The currency pair continues to build wave 1 as part of a new uptrend trend. If the estimated wave 2, 1, then the pair will resume growth in quotes with targets near the estimated levels of 1.1500 and 1.1577, which corresponds to 100.0% and 127.2% of the Fibonacci. A successful attempt to break through the level of 50.0% will complicate the current wave structure and may require appropriate adjustments.
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