FX.co ★ Wave analysis of EUR / USD pair on March 15. The beginning of wave b depends on the EU inflation report

Wave counting analysis:

On Thursday, March 14, trading EUR/USD pair ended by 30 bp lower. Hence, wave A can be completed since the attempt to break through the level of 61.8% on the small Fibonacci grid was unsuccessful. However, now that the pair is making a second attempt to break through this level. Perhaps, it will be successful which will allow us to continue building the 'wave a' with targets located near the level of 76.4%. If the second attempt to break through fails, the pair will proceed to the formation of a descending wave b in the composition of the new upward trend section. Today, I recommend traders not to miss the report on inflation in the eurozone.

Sales targets:

1.1269 - 38.2% Fibonacci (small grid)

1.1234 - 23.6% Fibonacci (small grid)

Purchases targets:

1.1326 - 61.8% Fibonacci

1.1362 - 76.4% Fibonacci

General conclusions and trading recommendations:

The pair will probably continue to build the first wave of the uptrend trend. Currently, I recommend waiting for the breakout of the mark of 1.1326 and buying the pair with targets located near the level of 1.1362. Also, I suggest opening purchases near the minima of wave b, which can begin its construction if the 1.1326 level stands.