06.10.201709:45 Forex Analysis & Reviews: Wave analysis of the EUR / USD currency pair for October 6, 2017

Analysis of wave counting:

The publication of the minutes of the last meeting of the ECB, which noted that the change in the parameters of monetary policy should be gradual and cautious, exerted considerable pressure on the euro, allowing the EUR / USD pair to resume the downward movement in the middle of yesterday's trading and to test the level of the 17th figure at the end of the day. It can be assumed that after completing the 4th wave, c, c, a, (C) in a somewhat truncated form, the currency pair moved to the stage of formation of the 5th wave, c, c, a, (C). If this is so, then the internal wave dimensionality of the wave c, a, (C) allows the currency pair to continue the decline of quotations at least to the level of 1.1665 - 1.1650.

The objectives for building the downward wave:

1.1664 - 200.0% of Fibonacci

1.1600

The objectives for the construction of the upward wave:

1.1788 - 127.2% of Fibonacci

1.1850

General conclusions and trading recommendations:

The construction of a new downward trend segment. It is now possible to resume the decline in quotes within the wave c, c, a, (C) with targets located near the estimated mark of 1.1664, which corresponds to 200.0% of Fibonacci and lower about 16 figures. Wave 4, c, c, a, (C), presumably, is completed.