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Analysis of wave counting:
In a thin inter-holiday market, the EUR/USD pair was able to add about 60 pp in price and re-tested to the level of the 19th figure in the second half of yesterday. It can be assumed that the currency pair has reached the final stage of the formation of the wave c, in b, in c, in a, in (C). If this is the case, the pair can resume reduction quotes and mark the beginning of a future wave in a, and in (C) after virtually reaching the highest level achieved yesterday or after the growth to the level 1.1920-1.1930.
Objectives for building a downward wave:
1.1736 - 38.2% by Fibonacci
1.1666 - 23.6% Fibonacci retracement
Goals for building an upward wave:
1.1900
1.1918 - 11.4% Fibonacci retracement
General conclusions and trading recommendations:
The construction of the downward trend section continues, as well as the construction of the assumed wave b, in c, in a, in (C). If this assumption is correct, the quote will resume its increase with targets around 19 figures and the mark of 1.1918. Hereinafter, a decline in quotations may resume with the targets located near the calculated marks of 1.1736 and 1.1666, corresponding to 38.2% and 23.6% Fibonacci, and lower.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.
