Wave analysis of EUR / USD for February 20. Is Eurocurrency ready for continued growth?
February 20, 2019 11:21 am
Wave counting analysis:
On Tuesday, February 19, trading ended for EUR / USD by another 30 bp increase. Thus, the pair continues to build the estimated wave 4 of the downward trend section, which assumes the form of a triangle, or the three-wave structure downward is completed. The instrument proceeds to construct an upward trend segment at least a three-wave trend. One way or another, now the tool has hit the 23.6% Fibonacci level, and the euro’s future prospects are directly related to the willingness or unwillingness to make a breakthrough at this level.
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 completed the construction of the descending wave 3. Thus, now I recommend buying with targets located near the estimated mark of 1.1356, which corresponds to 23.6% of Fibonacci, and above, about 1.1408. According to Fibonacci, a successful attempt to break through the level of 23.6% will indicate the readiness of the euro to continue building the upward wave.
The material has been provided by InstaForex Company – www.instaforex.com
Wave counting analysis:
On Tuesday, February 19, trading ended for EUR / USD by another 30 bp increase. Thus, the pair continues to build the estimated wave 4 of the downward trend section, which assumes the form of a triangle, or the three-wave structure downward is completed. The instrument proceeds to construct an upward trend segment at least a three-wave trend. One way or another, now the tool has hit the 23.6% Fibonacci level, and the euro’s future prospects are directly related to the willingness or unwillingness to make a breakthrough at this level.
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 completed the construction of the descending wave 3. Thus, now I recommend buying with targets located near the estimated mark of 1.1356, which corresponds to 23.6% of Fibonacci, and above, about 1.1408. According to Fibonacci, a successful attempt to break through the level of 23.6% will indicate the readiness of the euro to continue building the upward wave.
The material has been provided by InstaForex Company – www.instaforex.com
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