Wave counting analysis:
On Friday, February 22, trading ended for EUR / USD with a loss of just a few bp. Thus, the wave pattern of the instrument did not encounter any changes. Wave 4 can be completed, and if this is indeed the case, then the instrument can start a new decline within the framework of future wave 5 from current positions with targets located about 12 figures. At the same time, there is a successful attempt to break through the level of 23.6% on the older Fibonacci grid, and better than 50.0% on the lower grid. This will indicate that the pair is ready to continue the increase. In this case, wave 4 can be identified as a new uptrend with the first targets located near the level of 61.8%.
Sales targets:
1.1228 - 0.0% Fibonacci
1.1215 - 0.0% Fibonacci
Shopping goals:
1.1356 - 23.6% Fibonacci
1.1408 - 61.8% Fibonacci
General conclusions and trading recommendations:
The pair allegedly assured the construction of wave 4. Thus, if the level of 23.6% holds, then I recommend selling the pair given the calculation for building wave 5 of the downtrend trend with goals located near the estimated marks 1.1228 and 1.1215. A successful attempt to break through the levels of 23.6% and 50.0% will indicate the continuation of the construction of the upward wave - buy a pair with a target of 1.1408.
The material has been provided by InstaForex Company - www.instaforex.com