Wave analysis of EUR / USD for September 6. Wave 2 is complete. Growth to 1.1733?
Analysis of wave counting:
During the trades on Wednesday, the EUR / USD currency pair gained about 50 percentage points. Thus, there is more and more reason to assume completion of the construction of wave 2, a. If this is the case, then the increase in quotations will continue with targets located well above the 17th figure. For this, fundamental grounds would also be needed. Yesterday, the euro was helped by information on the Brexit agreement between Britain and Germany. But it will not be every day. Thus, for the development of the growth of the euro in the coming days will need economic factors. Otherwise, the decline in the pair may resume, but the wave counting will not be supplemented before the breakthrough of the minimum expected wave 2.
The objectives for the option with sales:
1.1517 – 50.0% of Fibonacci retracement
1.1465 – 61.8% of Fibonacci retracement
The objectives for the option with purchases:
1.1733 – 0.0% of Fibonacci retracement
General conclusions and trading recommendations:
The pair supposedly completed the construction of wave 2, a. Thus, now, we expect an increase in quotations within wave 3 with the first targets located near the mark of 1.1733, which corresponds to 0.0% of Fibonacci. I recommend, therefore, to buy a pair for this purpose. Breaking the minimum of wave 2 suggests that the pair is not ready for further growth and will require additions to the current wave counting.