Wave analysis of EUR / USD for November 21. The pair is ready for new growth, can prevent the news background
November 21, 2018 10:21 am
Wave counting analysis:In the course of trading on Tuesday, the EUR / USD currency pair lost about 80 basis points, so the expected wave 1 in the future first new upward trend segment is completed. If this is true, then now, the pair is in the process of building the proposed wave 2, which can also be completed. Thus, I expect the resumption of an increase in quotations with targets above the 15th figure. The news background can prevent the execution of this option. The euro may be under pressure due to problems with the adoption of the budget in Italy.The objectives for the option with sales:1.1215 – 0.0% of FibonacciThe objectives for the option with purchases:1.1500 – 100.0% of Fibonacci1.1577 – 127.2% of FibonacciGeneral conclusions and trading recommendations:The currency pair continues to build the first upward wave as part of a new uptrend trend. If the expected wave 2 is completed, the pair will resume growth in quotations with targets near the estimated levels of 1.1500 and 1.1577, which corresponds to 100.0% and 127.2% of Fibonacci. A successful attempt to break through the level of 50.0% on the small Fibonacci grid will lead to the complication of the wave pattern.
The material has been provided by InstaForex Company – www.instaforex.com
Wave counting analysis:In the course of trading on Tuesday, the EUR / USD currency pair lost about 80 basis points, so the expected wave 1 in the future first new upward trend segment is completed. If this is true, then now, the pair is in the process of building the proposed wave 2, which can also be completed. Thus, I expect the resumption of an increase in quotations with targets above the 15th figure. The news background can prevent the execution of this option. The euro may be under pressure due to problems with the adoption of the budget in Italy.The objectives for the option with sales:1.1215 – 0.0% of FibonacciThe objectives for the option with purchases:1.1500 – 100.0% of Fibonacci1.1577 – 127.2% of FibonacciGeneral conclusions and trading recommendations:The currency pair continues to build the first upward wave as part of a new uptrend trend. If the expected wave 2 is completed, the pair will resume growth in quotations with targets near the estimated levels of 1.1500 and 1.1577, which corresponds to 100.0% and 127.2% of Fibonacci. A successful attempt to break through the level of 50.0% on the small Fibonacci grid will lead to the complication of the wave pattern.
The material has been provided by InstaForex Company – www.instaforex.com
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