Wave analysis of EUR / USD for October 25. ECB meeting: will there be surprises?
October 25, 2018 4:23 pm
Wave counting analysis:
During the trading on Wednesday, the EUR / USD currency pair lost about 80 basis points and thus continued the construction of the estimated wave 3, c, of the downward trend. If this is true, then the decrease in quotations will continue with targets located near the level of 1.1327, which corresponds to 127.2% of Fibonacci. An ECB meeting will take place today, and although changes in monetary policy are unlikely to occur, important information may be heard at the press conference. This information can potentially affect the movement of the pair during the day.
The objectives for the option with sales:
1.1327 – 127.2% of Fibonacci
1.1194 – 161.8% of Fibonacci
The objectives for the option with purchases:
1.1522 – 76.4% of Fibonacci
General conclusions and trading recommendations:
The currency pair continues to build wave 3, c. Thus, now I recommend to continue selling the pair with targets located near the estimated mark of 1.1327, which equates to 127.2% of Fibonacci. A successful attempt to break through the level of 100.0% confirms the pair’s readiness to further decline. The whole wave can take quite a long look.
The material has been provided by InstaForex Company – www.instaforex.com
Wave counting analysis:
During the trading on Wednesday, the EUR / USD currency pair lost about 80 basis points and thus continued the construction of the estimated wave 3, c, of the downward trend. If this is true, then the decrease in quotations will continue with targets located near the level of 1.1327, which corresponds to 127.2% of Fibonacci. An ECB meeting will take place today, and although changes in monetary policy are unlikely to occur, important information may be heard at the press conference. This information can potentially affect the movement of the pair during the day.
The objectives for the option with sales:
1.1327 – 127.2% of Fibonacci
1.1194 – 161.8% of Fibonacci
The objectives for the option with purchases:
1.1522 – 76.4% of Fibonacci
General conclusions and trading recommendations:
The currency pair continues to build wave 3, c. Thus, now I recommend to continue selling the pair with targets located near the estimated mark of 1.1327, which equates to 127.2% of Fibonacci. A successful attempt to break through the level of 100.0% confirms the pair’s readiness to further decline. The whole wave can take quite a long look.
The material has been provided by InstaForex Company – www.instaforex.com
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