Wave analysis of EUR / USD for January 21. Will the level of 23.6% euro from the new fall?

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Wave counting analysis:

Bidding on Friday, January 18, ended for EUR / USD pair another 30 bp down. Therefore, the uptrend of the trend retains the prospects for its development, but takes the form of a diagonal triangle. On the other hand, the unsuccessful attempt to break through the level of 23.6% on the older Fibonacci grid warns the readiness of the tool to build an upward wave, presumably 5, in s. However, a breakthrough of the mark 1.1356 may lead to a further decrease and, as a result, leading to the complication of the entire wave picture of the instrument.

Sales targets:

1.1345 - 38.2% Fibonacci

1.1315 - 23.6% Fibonacci

Shopping goals:

1.1599 - 161.8% Fibonacci

1.1677 - 200.0% Fibonacci

General conclusions and trading recommendations:

The pair remains in the construction stage of the proposed wave 4, in s. . This wave can be completed in the coming hours. Thus, I recommend buying a pair of small volumes with targets located near the estimated marks of 1.1599 and 1.1677, which corresponds to 161.8% and 200.0% of Fibonacci. Protective orders recommend placing below the level of 23.6% Fibonacci.

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