Wave analysis of EUR / USD for April 23. There are chances for the growth of the euro, but not too big.
Wave counting analysis:
On Monday, April 22, trading ended on EUR / USD with a minimum increase of just 12 bp. Thus, the estimated wave 2 is now considered complete. At the same time, the news background, which is missing in recent days, may cause new sales of the euro in the future. That is, the main resistance for the Euro currency now is included in the news. There are very few positive news from the European Union. The ECB is not happy with the markets. Thus, the minimum of wave 2 is now considered as a reference point for future instrument enhancement. A successful breakthrough attempt means that the pair is not yet ready to increase. This will require adjustments to the current wave marking.
1.1177 - 0.0% Fibonacci
1.1448 - 100.0% Fibonacci
1.1476 - 76.4% on the highest Fibonacci grid.
General conclusions and trading recommendations:
The pair presumably remains within the framework of the construction of wave c, and its internal wave 2 is probably completed. Thus, now is a good opportunity to buy a pair based on the construction of wave 3, with targets located near the estimated mark of 1.1387, which corresponds to Fibonacci 76.4%. Like before, I recommend early purchases in small lots and increase them as the execution of the working version is confirmed.The material has been provided by InstaForex Company - www.instaforex.com