Trading Conditions
Products
Tools
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.
Sales targets:
1.1269 - 38.2% Fibonacci (small grid)
1.1234 - 23.6% Fibonacci (small grid)
Purchases targets:
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.
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.