24.08.201703:12 Forex Analysis & Reviews: Wave analysis of the EUR / USD currency pair for August 23, 2017

Analysis of wave counting:

In general, it is expected that yesterday's EUR / USD pair trades began with a downward movement, losing about 70 pp and completed the day at around 1.1750. Thus it is possible to assume that the currency pair has undertaken the next attempt to designate the beginning of the third wave in the future (С), the first calculated goals of which are located far below the level of the 16th figure. At the same time, the situation remains that allows the currency pair to continue moving in the outlined, almost horizontal corridor with the prospect of an even more complicated internal wave structure of the 2nd wave, in (C).

The objectives for the construction of a downward wave:

1.1625 - 100.0% by Fibonacci

1.1565 - 127.2% by Fibonacci

Aims for building an upward wave:

1.1898 - 161.8% by Fibonacci

1.2000

General conclusions and trading recommendations:

The currency pair supposedly completed the wave (B) near the mark of 1.1898. It is now possible to continue the decline in quotations within the first wave as part of the future (C) with targets located near the marks of 1.1625 and 1.1565, which corresponds to 100.0% and 127.2% of Fibonacci (these goals will be further clarified). Correction wave 2, in the future © can further complicate its internal structure.