Wave analysis of EUR / USD for November 7. The pair shows readiness for significant growth.

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Wave counting analysis:

In the course of trading on Tuesday, the EUR / USD currency pair gained about 15 basis points more. Thus, the estimated wave 3, in the first future uptrend of the trend, continues to be built with targets located near the 38.2% and 50.0% of Fibonacci levels. Immediately, two unsuccessful attempts to break through 13 figures significantly increase the chances of building an uptrend trend at least in the region of 17 and 18 figures. However, much will depend on the outcome of the Brexit negotiations between the EU and the UK.

The objectives for the option with sales:

1.1302 - 0.0% of Fibonacci

The objectives for the option with purchases:

1.1496 - 38.2% of Fibonacci

1.1557 - 50.0% of Fibonacci

General conclusions and trading recommendations:

The currency pair allegedly completed the construction of the downward trend. Thus, now I recommend buying a pair with targets located near the calculated levels of 1.1496 and 1.1557 in terms of building an upward set of waves. Estimated wave 2 in the composition of the first wave of the ascending section has also completed its construction, which is confirmed by the working version.

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