Wave counting analysis:
In the course of trading on Tuesday, the EUR / USD pair added a total of about 15 bp. Thus, there is reason to assume that the instrument remains within the framework of the construction of the proposed wave c. If this is true, then the increase in quotes will continue with targets located near the levels of 100.0% and 127.2% Fibonacci. The internal wave structure of this wave already looks quite difficult, but it can become even more complicated. An unsuccessful attempt to break through the minimum of wave b indicates that the pair is ready to rise.
1.1215 – 0.0% Fibonacci
1.1471 – 100.0% Fibonacci
1.1528 – 127.2% Fibonacci
General conclusions and trading recommendations:
The pair remains within the framework of building an upward wave with. A break of 1.1266 (minimum b) will lead to a resumption of the instrument decline with targets located near the mark of 1.1215, which is equal to 0.0% Fibonacci, and below. Until this happens, it is recommended that cautious purchases in small volumes with targets located around 1.1471 and 1.1528.
The material has been provided by InstaForex Company – www.instaforex.com