Wave counting analysis:
On Thursday, February 21, the trading ended for the currency pair EUR / USD without any exchange rate changes. Thus, the wave picture of the instrument has not changed. Still, the estimated wave 4 can be completed. At least, this opinion will be maintained until the pair makes a successful attempt to break through the 23.6% Fibonacci level. In this case, wave 4 can continue its construction with targets located near the 61.8% level on the small Fibonacci grid. Otherwise, the pair will have to proceed to the construction of a new downward wave in the near future. Today I draw the attention of traders to an important report on inflation in the eurozone.
Sales targets:
1.1228 - 0.0% Fibonacci
1.1215 - 0.0% Fibonacci
Shopping goals:
1.1356 - 23.6% Fibonacci
1.1408 - 61.8% Fibonacci
General conclusions and trading recommendations:
The pair is supposedly nearing completion of wave 4 construction. Thus, if the level of 23.6% holds, then I recommend selling the pair to build wave 5 of the downtrend trend with targets located near the estimated levels of 1.1228 and 1.1215. If the report on inflation in the EU turns out to be weak, then the instrument will be able to proceed to the construction of a downward wave today.
The material has been provided by InstaForex Company - www.instaforex.com