Wave counting analysis:
On Monday, March 11, trading of the EUR/USD pair ended and increased by 15 bp increase. Thus, there are more and more reasons for assuming the completion of the descending trend section. The unsuccessful attempt to break through the level of 127.2% according to Fibonacci also indirectly indicates the end of the downward wave. The pair may continue to raise the quotes as part of building a new upward wave and possibly a new uptrend trend. Thus, I now expect an increase in the area of 1.1330. Today, I recommend paying attention to inflation in America, which is an important indicator and may have an impact on trading in the analyzed instrument.
Sales targets:
1.1184 - 127.2% Fibonacci
1.1119 - 161.8% Fibonacci
Purchase targets:
1.1419 - 0.0% Fibonacci
General conclusions and trading recommendations:
The pair is presumed to have completed the construction of the 5th wave. Thus, only a breakthrough of the level of 127.2% Fibonacci will return us to sales. Now, I recommend buying a pair of small volumes with targets located around 13 and 14 figures, based on the construction of the ascending 1st wave or a.
The material has been provided by InstaForex Company - www.instaforex.com
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