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22.09.201709:31 Forex Analysis & Reviews: Wave analysis of the currency pair EUR/USD for September 22, 2017

Long-term review

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Analysis of wave counting:

In the course of yesterday's trading, the pair EUR / USD was able to partially compensate for losses incurred the day before and retreated to the level of 1.1950 until the end of the day. It can be assumed that despite a significant increase in the price from the minimum reached on Wednesday, the currency remained in 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 still retained the potential for resuming the growth of quotations, with the prospect of a significant complication of 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 in 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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