Wave counting analysis:
On Tuesday, April 16, trading for EUR/USD pair ended with a decline of 20 bp. However, the tool resumed today. It is fully consistent with the current wave marking, which implies the construction of an upward wave c. The euro reached the Fibonacci level of 50.0% once again, and another unsuccessful attempt to break through this mark will lead to a new departure of quotations from the reached maximums. In general, the current wave counting involves the continuation of the construction of the ascending wave. The growth of the euro began today evening but the news background in the form of inflation in the European Union has nothing to do with it since this news came out just an hour ago. On this basis, the ultimate minimal target of a wave will be 1.1450 which looks more and more real.
1.1177 - 100.0% Fibonacci
1.1448 - 100.0% Fibonacci
1.1476 - 76.4% on the highest Fibonacci grid
General conclusions and trading recommendations:
The pair presumably continues to build a wave. Thus, the trading strategy remains the same. I recommend buying the pair with targets located near the estimated levels of 1.1448 and 1.1476, which corresponds to 100.0% and 76.4% Fibonacci. Increase purchases should be done carefully and slowly. The news background for the pair is still neutral and does not hinder the development of an upward wave.The material has been provided by InstaForex Company - www.instaforex.com