Wave analysis of EUR / USD for December 5. The pair is preparing for a new strong fall?


Wave counting analysis:

In the course of trading on Tuesday, the EUR / USD currency pair lost only about 15 basis points, although it added about 70 basis points during the day. Wave counting suffered some changes. The news background is still not on the side of the euro, so, most likely, we will see a three-wave correctional structure, possibly with a shortened waveform. If this is true, then the increase in quotations will resume with targets located near the level of 100.0%. However, given the lack of news support, the instrument may not reach this level.

The objectives for the option with sales:

1.1215 - 0.0% of Fibonacci

The objectives for the option with purchases:

1.1471 - 100.0% of Fibonacci

1.1528 - 127.2% of Fibonacci

General conclusions and trading recommendations:

The currency pair continues to be in the framework of building the uptrend of the trend, which is likely to be corrective. Thus, I expect to build a wave with targets around the mark of 1.1471. However, buying a pair is now too risky. And sales, without confirmation of the completion of the construction of the trend correction section, are premature. Therefore, now I recommend following the situation.

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