Wave analysis of EUR / USD for December 18. Wave counting is complicated before the holidays
December 18, 2018 12:23 pm
Wave counting analysis:
During the Monday trading, the EUR / USD currency pair gained about 45 basis points. Thus, the pair remains within the framework of the construction of the supposed wave from the corrective part of the trend, since the wave b was not broken at least. The whole wave takes a very complex and non-standard form and can be repeatedly complicated. Until a successful attempt to break through the minimum of November 28 is made, the increase will remain the working variant with targets that are near the 38.2% level in the older Fibonacci grid.
The objectives for the option with sales:
1.1215 – 0.0% of Fibonacci
The objectives for the option with purchases:
1.1471 – 100.0% of Fibonacci
1.1528 – 127.2% of Fibonacci
General conclusions and trading recommendations:
The currency pair continues to be in the framework of building an upward wave c. A break of 1.1266 (minimum b) will lead to a resumption of the instrument decline with targets located near the mark of 1.1215, which is equal to 0.0% Fibonacci, and below. The current wave counting is not entirely unambiguous and may require adjustments. I highly recommend buying a pair, as the wave with great difficulty continues its construction.
The material has been provided by InstaForex Company – www.instaforex.com
Wave counting analysis:
During the Monday trading, the EUR / USD currency pair gained about 45 basis points. Thus, the pair remains within the framework of the construction of the supposed wave from the corrective part of the trend, since the wave b was not broken at least. The whole wave takes a very complex and non-standard form and can be repeatedly complicated. Until a successful attempt to break through the minimum of November 28 is made, the increase will remain the working variant with targets that are near the 38.2% level in the older Fibonacci grid.
The objectives for the option with sales:
1.1215 – 0.0% of Fibonacci
The objectives for the option with purchases:
1.1471 – 100.0% of Fibonacci
1.1528 – 127.2% of Fibonacci
General conclusions and trading recommendations:
The currency pair continues to be in the framework of building an upward wave c. A break of 1.1266 (minimum b) will lead to a resumption of the instrument decline with targets located near the mark of 1.1215, which is equal to 0.0% Fibonacci, and below. The current wave counting is not entirely unambiguous and may require adjustments. I highly recommend buying a pair, as the wave with great difficulty continues its construction.
The material has been provided by InstaForex Company – www.instaforex.com
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