18.10.201813:33 Forex Analysis & Reviews: Wave analysis of EUR / USD for October 18. The pair is ready to build a downward wave

Wave counting analysis:

During the trading on Wednesday, the EUR / USD currency pair lost about 75 basis points. Thus, taking into account these losses, the conclusion suggests itself that the construction of the proposed wave b is completed. If this is indeed the case, the decline in quotations will continue with targets located under the 14th figure, within wave c. It should also be taken into account that the EU summit is not yet completed, which means new data may be received on negotiations between the UK and the EU. This information can greatly affect the pair and wave counting.

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 supposedly completed the construction of wave b. Thus, now I recommend selling a pair with targets located near the estimated mark of 1.1432, which corresponds to 0.0% Fibonacci. I also recommend not to lose sight of any information coming from the summit, since it can greatly affect the movement of the pair, up to the need to make adjustments to the current wave counting.