Wave analysis of EUR/USD for April 9. Will the ECB prevent the construction of an upward wave?


Wave counting analysis:

On Monday, April 8, trading ended with an increase of 40 bp for the pair EUR/USD. Thus, it is possible that the pair has finally moved to the construction of the expected wave from the upward segment of the trend, which begins on March 7. If this assumption is true, then the increase in quotations will continue with targets around 1.1450 and above. At the same time, I draw attention to the fact that the news background still cannot be attributed to the euro, and the ECB will hold a press conference tomorrow dedicated to the meeting. It is unlikely that the markets will hear something "hawkish" in the speeches of the representatives of the ECB and Mario Draghi. Accordingly, tomorrow the pair may be under pressure from the market. Today, there is no news on the calendar.

Sales targets:

1.1177 - 100.0% Fibonacci

Purchase targets:

1.1448 - 0.0% Fibonacci

General conclusions and trading recommendations:

Presumably, the pair completed the formation of wave b and proceeded to the construction of wave c. Now, I recommend buying a pair with targets near the mark of 1.1455, which corresponds to the maximum of wave a, based on the construction of wave c. Purchase does not have to be large in size, as the news background still does not support the euro.

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

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