FX.co ★ Wave analysis of EUR / USD for February 15. Couple approaches transformation into 3-wave structure

Wave counting analysis:

On Thursday, February 14, trading ended for EUR / USD by 65 bp increase. Thus, the pair made a new attempt to start building wave 4, or a, as part of a new upward trend. In any case, an upward wave is expected from wave counting. The internal wave structure of the proposed wave 3 looks quite convincing, and that is why there are all chances that this wave will be identified as wave c. On the one hand, the news background does not give any support to the Euro-currency, on the other hand, frankly failing fundamental news comes from the EU not so often.

Sales targets:

1.1228 - 127.0% Fibonacci

1.1215 - 0.0% Fibonacci

Shopping goals:

1.1444 - 38.2% Fibonacci

1.1514 - 50.0% Fibonacci

General conclusions and trading recommendations:

The pair allegedly completed the construction of the downward wave 3. Thus, I now recommend waiting for confirmations to the beginning of the upward wave construction with targets located near the estimated 1.1444 mark, which corresponds to 38.2% Fibonacci, and after receiving them - buy the instrument. At the same time, the chances of continuing to reduce the instrument with the complication of the internal wave structure of wave 3 remain.