Wave counting analysis:
In the course of trading on Wednesday, the EUR / USD pair added another 15 bp despite coming close to the level of 38.2% on the senior Fibonacci grid. Thus, the estimated wave c, which is obtained rather complicated by the internal wave structure, continues its construction. A successful attempt to break through the level of 38.2% according to Fibonacci will indicate that the pair is ready for further growth. Unsuccessful - most likely, will lead to completion of construction of a wave.
Sales targets:
1.1215 - 0.0% Fibonacci
Shopping goals:
1.1471 - 100.0% Fibonacci
1.1528 - 127.2% Fibonacci
General conclusions and trading recommendations:
The pair remains within the framework of building with an upward wave. A break of 1.1266 (minimum b) will lead to a resumption of the instrument decline with targets located near the mark of 1.1215, which is equal to 0.0% Fibonacci and lower, and in this case I will recommend sales. I recommend to open purchases now after a successful attempt to break through the level of 38.2%, which confirms the readiness of the instrument to increase.
The material has been provided by InstaForex Company - www.instaforex.com