Wave analysis of EUR / USD for January 8. The pair has great difficulties in breaking through the level of 100.0%.

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Wave counting analysis:

On Monday, January 7, trading ended on the pair EUR / USD by 80 bp increase. and "prick" the maximum of the supposed wave 1 in s. If the current wave counting is correct, then the increase in quotes will continue with the targets located above the 100.0% Fibonacci level.

The news background does not support the Eurocurrency. Therefore, there are difficulties with the construction of the rising wave with. Thus, the unsuccessful attempt to break through the level of 100.0% again led to the departure of quotations from the reached maximums, but the current wave structure still remains.

Sales targets:

1.1315 - 23.6% Fibonacci

1.1266 - 0.0% Fibonacci

Shopping goals:

1.1528 - 127.2% Fibonacci

1.1599 - 161.8% Fibonacci

General conclusions and trading recommendations:

The pair continues to build the estimated wave with. Thus, I still recommend cautious purchases of a pair with targets located near the estimated marks of 1.1528 and 1.1599, which corresponds to 127.2% and 161.8% Fibonacci. To the backup option implying the complication of the downward trend section, it should be passed with a successful attempt to break the minimum of wave 2.

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