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12.02.201910:56 Forex Analysis & Reviews: Wave analysis of EUR / USD for February 12. There is a wave minimum breakout 1

Long-term review
This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Exchange Rates 12.02.2019 analysis

Wave counting analysis:

On Monday, February 11, trading ended for EUR / USD by another 45 bp decline. Thus, the tool performed a successful attempt to break through the level of 100.0% Fibonacci and the minimum of the expected wave 1 of the descending trend section. Thus, the reduction of quotations is now possible with targets near the level of 127.2% and below. So far, there are no prerequisites for the transformation of the current trend segment in the three wave, but still, this option should not be excluded. The 0.0% level on the older Fibonacci grid is the most important for the instrument in the light of the determination of readiness or non-readiness for a strong decline and the construction of 5 waves.

Sales targets:

1.1228 - 127.0% Fibonacci

1.1215 - 0.0% Fibonacci

Shopping goals:

1.1444 - 38.2% Fibonacci

1.1514 - 50.0% Fibonacci

General conclusions and trading recommendations:

The pair continues to build a downward wave 3. Thus, now, I still recommend selling EUR / USD, but be more cautious with targets around 1.1228 and 1.1215, which corresponds to 127.2% and 0, 0% Fibonacci. An unsuccessful attempt to break through one of the target marks can lead not only to the departure of quotes from the lows reached, but also to the completion of the construction of a downward trend segment.

Chin Zhao
Analytical expert of InstaForex
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