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Wave analysis of EUR / USD for November 12. All factors are not in favor of the euro again
November 12, 2018 4:21 pmVideo
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Wave counting analysis:
In the course of trading on Friday, the EUR / USD currency pair fell by 30 basis points, and today at night, it broke through the minimum of the expected wave 3. Thus, evidence was obtained that the pair proceeded to the construction of the expected wave 5 of the downward trend segment with targets located near the Fibonacci levels of 127.2% and 161.8%. Wave 5, in turn, can take a rather long form, and an unsuccessful attempt to break through one of the target marks can lead to the construction of an internal wave in its composition.
The objectives for the option with sales:
1.1248 – 127.2% of Fibonacci
1.1179 – 161.8% of Fibonacci
The objectives for the option with purchases:
1.1499 – 0.0% of Fibonacci
General conclusions and trading recommendations:
The currency pair completed the construction of a 3-wave upward structure in wave 4. Thus, I now expect the pair to continue to decline with targets located near the estimated levels of 1.1248 and 1.1179, which corresponds to 127.2% and 161.8% of Fibonacci. Therefore, now I recommend selling the pair, especially since the news background again supports the US currency.
The material has been provided by InstaForex Company – www.instaforex.com
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