Wave analysis of EUR / USD for May 31. The Euro took a step forward

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Analysis of wave counting:

During the Wednesday's trading, the currency pair EUR / USD ended with an impressive increase of more than 150 percentage points. Thus, there are reasons to assume the completion of the construction of wave 5, c, 2 near the mark of 261.8% of Fibonacci, built on the size of wave 4. If this assumption is true, the increase in quotations will continue within the first wave as part of the future 3 upward phase The trend with the first goals, located near the 18th figure. As a confirmation of the transition of the instrument to the construction of an upward set of waves, one can wait for the completion of the construction of the first and second waves of this section of the trend.

The objectives for the option with sales:

1.1542 - 261.8% of Fibonacci

1.1438 - 323.6% of Fibonacci

The objectives for the option with purchases:

1.1835 - 200.0% of the Fibonacci of the highest order

General conclusions and trading recommendations:

The currency pair EUR / USD supposedly completed the construction of wave 5, c. Thus, now I recommend forming small and careful purchases with the expectation of building a wave 3. I recommend increasing purchases after the end of wave 2 in the future 3. In this case, not updating the minimum of May 29 will confirm the construction of an upward trend segment. I recommend going back to sales after the break of the minimum of May 29, which will lead to an even more complicated wave 5, c.

The material has been provided by InstaForex Company - www.instaforex.com