Wave analysis of EUR / USD for October 29. The downward trend is not yet complete

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Wave counting analysis:

In the course of trading on Friday, the EUR / USD currency pair gained about 30 basis points, thus, there were reasons to assume the completion of the construction of wave 3, c. If this is true, then the increase in quotations will continue with targets located slightly above the Fibonacci level of 100.0%, after which resumption of quotations decline is expected within wave 5, c, with targets located near the estimated mark of 1.1194.

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:

1.1522 - 76.4% of Fibonacci

1.1432 - 100.0% of Fibonacci

General conclusions and trading recommendations:

The currency pair allegedly completed the construction of wave 3, c. Thus, now I recommend closing or reducing the sales opened earlier. Based on the current wave marking, it is expected to build another, at least downward wave with minimal targets located near the estimated level of 1.1327. A successful attempt to break through this mark will lead to a new decrease in the pair with targets near the mark of 1.1194.

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