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21.09.201709:44 Forex Analysis & Reviews: Wave analysis of the EUR / USD currency pair for September 21, 2017

Long-term review

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Analysis of wave counting:

By promising one more rate increase this year and three in the next, FOMC significantly strengthened the dollar across the entire spectrum of the foreign exchange market, and at the end of yesterday's trading, the EUR / USD lost about 150 percentage points and completed the day entrenched under the level of the 20th figure. The current wave situation allows us to assume that the currency pair continues to make attempts to transition to the stage of formation of the first generating waves in the composition of the 1st wave, in (C) of the main downward trend. At the same time, the currency pair has so far retained the potential for resuming the growth of quotations and further complicating the internal wave structure of the 5th wave, c, c, E, (B).

The objectives for the construction of a downward wave:

1.1836 - 76.4% of Fibonacci

1.1776 - 100.0% of Fibonacci

Aims for building an upward wave:

1.2098 - 200.0% of Fibonacci

1.2200

General conclusions and trading recommendations:

The supposed wave (B) may have completed its construction. It is now possible to continue the reduction of quotations within the first wave of the future (C) with the first targets located near the calculated marks of 1.1836 and 1.1776, which corresponds to 76.4% and 100.0% of Fibonacci.

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