16.10.201816:07 Forex Analysis & Reviews: Wave analysis of EUR / USD for October 16. The pair moves within the framework of the working variant.

Wave counting analysis:

In the course of trading on Monday, the EUR / USD currency pair rose by another 40 base points, and the expected wave b is still expected to take the 3-waveform. If this is true, then the increase in quotations will continue with the targets located near the estimated marks of 50.0% and 61.8% of Fibonacci. At the same time, the news background may affect the wave picture. On Wednesday and Thursday, the EU summit will take place, during which negotiations, possibly the last, will be held regarding the conditions for a British exit from the EU. This news can greatly affect the movement of the pair.

The objectives for the option with sales:

1.1432 - 0.0% of Fibonacci

The objectives for the option with purchases:

1.1622 - 50.0% of Fibonacci

1.1667 - 61.8% of Fibonacci

General conclusions and trading recommendations:

The currency pair continues to build the proposed wave b. Thus, I recommend staying in a pair of purchases with targets located near the estimated marks of 1.1622 and 1.1667. An unsuccessful attempt to break through one of these marks will indicate that the pair is ready to build a descending wave, presumably with targets located under the 14th figure.