Wave analysis of EUR / USD for October 10. The currency pair shows readiness for growth

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Wave counting analysis:

In the course of trading on Tuesday, the EUR / USD currency pair fell by 60 base points but by the end of the day, it returned to its original positions. The unsuccessful attempt to break through the 161.8% Fibonacci mark once again suggests that the wave a has been completed. If this is true, then the construction of the proposed wave b will begin with targets located near the levels of 100.0% and 76.4% Fibonacci. There is also an alternative option, in which wave b of the uptrend of the trend has now ended and the construction of wave c has begun. In any case, the pair is expected to grow.

The objectives for the option with sales:

1.1446 - 161.8% of Fibonacci

1.1361 - 200.0% of Fibonacci

The objectives for the option with purchases:

1.1588 - 100.0% of Fibonacci

1.1641 - 76.4% of Fibonacci

General conclusions and trading recommendations:

The unsuccessful attempt to break the mark of 1.1446 warns of the pair's readiness to build an upward wave. Thus, now I recommend buying a pair with targets located near the estimated marks of 1.1588 and 1.1641. The protective order can be placed below the Fibonacci level of 161.8%. A successful attempt to break through the level of 161.8% according to Fibonacci will lead to the need to clarify the wave marking or at least to complicate it.

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