Wave analysis of EUR / USD for November 29. Hopes for the uptrend of the trend remain
November 29, 2018 10:25 am
Wave counting analysis:
During the Wednesday trading, the EUR / USD pair gained about 75 bp. Thus, the pair still remains within the framework of building a new upward trend section. The expected wave 2 is considered complete despite its fairly long appearance and its minimum will be an important point to support the uptrend trend. If this assumption is true, then the increase in quotations will continue with targets located above the 15th figure. The tool still needs news support, otherwise it is possible to switch to the backup option, which provides for the complication of the downward trend section.
Sales targets:
1.1215 – 0.0% Fibonacci
Shopping goals:
1.1471 – 100.0% Fibonacci
1.1528 – 127.2% Fibonacci
General conclusions and trading recommendations:
The pair remains within the framework of building a new ascending set of waves. Thus, now I still recommend small and cautious purchases of a pair with targets located near the estimated marks of 1.1471 and 1.1528, which corresponds to 100.0% and 127.2% Fibonacci. A successful attempt to break through the minimum of wave 2 will most likely lead to the complication of the downward trend section and will require making adjustments to the current wave marking.
The material has been provided by InstaForex Company – www.instaforex.com
Wave counting analysis:
During the Wednesday trading, the EUR / USD pair gained about 75 bp. Thus, the pair still remains within the framework of building a new upward trend section. The expected wave 2 is considered complete despite its fairly long appearance and its minimum will be an important point to support the uptrend trend. If this assumption is true, then the increase in quotations will continue with targets located above the 15th figure. The tool still needs news support, otherwise it is possible to switch to the backup option, which provides for the complication of the downward trend section.
Sales targets:
1.1215 – 0.0% Fibonacci
Shopping goals:
1.1471 – 100.0% Fibonacci
1.1528 – 127.2% Fibonacci
General conclusions and trading recommendations:
The pair remains within the framework of building a new ascending set of waves. Thus, now I still recommend small and cautious purchases of a pair with targets located near the estimated marks of 1.1471 and 1.1528, which corresponds to 100.0% and 127.2% Fibonacci. A successful attempt to break through the minimum of wave 2 will most likely lead to the complication of the downward trend section and will require making adjustments to the current wave marking.
The material has been provided by InstaForex Company – www.instaforex.com
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