Wave counting analysis:
On Thursday, March 14, trading EUR/USD pair ended by 30 bp lower. Hence, wave A can be completed since the attempt to break through the level of 61.8% on the small Fibonacci grid was unsuccessful. However, now that the pair is making a second attempt to break through this level. Perhaps, it will be successful which will allow us to continue building the 'wave a' with targets located near the level of 76.4%. If the second attempt to break through fails, the pair will proceed to the formation of a descending wave b in the composition of the new upward trend section. Today, I recommend traders not to miss the report on inflation in the eurozone.
1.1269 - 38.2% Fibonacci (small grid)
1.1234 - 23.6% Fibonacci (small grid)
1.1326 - 61.8% Fibonacci
1.1362 - 76.4% Fibonacci
General conclusions and trading recommendations:
The pair will probably continue to build the first wave of the uptrend trend. Currently, I recommend waiting for the breakout of the mark of 1.1326 and buying the pair with targets located near the level of 1.1362. Also, I suggest opening purchases near the minima of wave b, which can begin its construction if the 1.1326 level stands.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.