Wave analysis of EUR / USD for October 17. All attention to the EU Summit
Wave counting analysis:
In the course of trading on Tuesday, the EUR / USD currency pair has practically not changed its market value. Thus, there are not many prerequisites for completing the construction of the proposed wave b. The unsuccessful attempt to break through the 50.0% of Fibonacci level suggests that wave b is completed. At the same time, this wave can take a more complex and pronounced 3-waveform. Much will depend on the EU summit, which will be held today and tomorrow. Within its framework, there will be another round of negotiations on the terms of the UK exit from the European Union.
The objectives for the option with sales:
1.1432 – 0.0% of Fibonacci
The objectives for the option with sales purchases:
1.1622 – 50.0% of Fibonacci
1.1667 – 61.8% of Fibonacci
General conclusions and trading recommendations:
The currency pair continues to be part of the construction of the proposed wave b. Nevertheless, in anticipation of new information on Brexit from the summit, I recommend closing the deals, since it is difficult to predict exactly how the negotiations will take place and what their results will be. After the results of the summit become known, it will be possible to build a new trading strategy, it may be necessary to correct wave markings.