Wave counting analysis:
On Friday, February 15, the bidding ended for the pair EUR / USD by a fall of 60 basis points with the same boost. Therefore, at the end of the day, the pair did not lose a single bp. At the same time, the estimated wave 3 no longer looks as perfect as it has been for days, but it still retains the probability of beginning to build a new upward wave, possibly the fourth within the triangle. This might be perhaps the first wave of the new triple up. One way or another, the option of building an upward wave remains the most attractive for the tool. Today, President’s Day is celebrated in America. Meanwhile, there’s no strong news in Europe.
1.1228 – 127.0% Fibonacci
1.1215 – 0.0% Fibonacci
1.1356 – 23.6% Fibonacci
1.1444 – 38.2% Fibonacci
General conclusions and trading recommendations:
The pair allegedly completed the construction of the downward wave 3. Thus, now I recommend buying with targets located near the estimated level of 1.1444, which corresponds to 38.2% Fibonacci. A successful attempt to break through the levels of 127.2% and 0.0% Fibonacci will lead to a further decrease in the instrument.
The material has been provided by InstaForex Company – www.instaforex.com