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19.10.201817:12 Forex Analysis & Reviews: Wave analysis of EUR / USD for October 19. The EU Summit is over. Brexit negotiations have not progressed

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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 19.10.2018 analysis

Wave counting analysis:

In the course of trading on Thursday, the EUR / USD currency pair lost about 50 basis points. Thus, the pair is supposedly continuing to build wave c. If this is indeed the case, the decline in quotations will continue with targets located near the calculated levels of 127.2% and 161.8% on the Fibonacci grid, built on the size of wave b. An unsuccessful attempt to break through the 100.0% Fibonacci mark can lead to a departure of quotes from the lows reached and the construction of an internal correctional wave c.

The objectives for the option with sales:

1.1327 - 127.2% of Fibonacci

1.1194 - 161.8% of Fibonacci

The objectives for the option with purchases:

1.1622 - 50.0% of Fibonacci

General conclusions and trading recommendations:

The currency pair supposedly completed the construction of wave b. Thus, now I recommend selling the pair with targets located near the estimated marks of 1.1327 and 1.1194, which corresponds to 127.2% and 161.8% in Fibonacci. There are no grounds for assuming a change in the working version. The outcome of the EU summit does not give reason to expect the growth of the pair.

Chin Zhao
Analytical expert of InstaForex
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