Wave analysis of EUR / USD for October 9. The market is putting pressure on the euro and does not allow the rising wave to


Wave counting analysis:

During the trading on Monday, the EUR / USD currency pair lost about 30 base points again. Thus, the absence of the withdrawal of quotes from the reached minimums brings the instrument closer to the variant with the continuation of wave a with targets located near the estimated marks of 161.8% and 200.0% of Fibonacci. If this is indeed the case, then the construction of the estimated wave b (or, maybe, even from the upward part of the trend, which starts on August 15) is postponed.

The objectives for the option with sales:

1.1446 - 161.8% of Fibonacci

1.1361 - 200.0% of Fibonacci

The objectives for the option purchases:

1.1588 - 100.0% of Fibonacci

1.1641 - 76.4% of Fibonacci

General conclusions and trading recommendations:

At the moment, we can say that the pair is not ready to build wave b. In general, the wave picture is not completely unambiguous now, and the trend section after August 15 may take a more complex form. I still expect to build an upward wave with targets located near the estimated marks of 1.1588 and 1.1641. An unsuccessful attempt to break through the 161.8% Fibonacci mark can still lead to the completion of wave a.

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