Wave analysis of EUR / USD for October 31. The potential for the euro to fall remains

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Wave counting analysis:

In the course of trading on Tuesday, the EUR / USD currency pair lost another 30 basis points and thus completed the construction of the proposed wave 4, in the future wave c. If this is true, the decline in quotations will continue with targets located near the estimated Fibonacci level of 161.8%. The internal wave structure of wave c takes the 5th waveform, thus, I expect to build a wave 5. The news background is not in favor of the euro (GDP report), thus, the pair continues to remain within the working version.

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 turned to build wave 5, c. Thus, now I recommend re-selling the pair with a view to reducing quotes with targets near the mark of 1.1194. A successful attempt to break through the mark of 1.1327 will give confidence in the readiness of the pair to continue to decline. An unsuccessful attempt will lead to a departure of quotes from the lows reached.

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