17.10.201710:14 Forex Analysis & Reviews: Wave analysis of the EUR / USD currency pair for October 17, 2017

Analysis of wave counting:

Despite the rather high volatility, the pair EUR / USD held in the range, trading around the level of the 18th figure. At the same time, it can be assumed that the currency pair remained in the stage of formation of the wave b, in the wave b, which takes on an increasingly complex form, in (C). At the same time, as mentioned earlier, the currency pair retains the potential for resuming the downward movement to the level of 1.1620, so that the wave c, a, (C) can take the form of a full five-wave structure.

The objectives for building a downward wave:

1.1619 - 161.8% of Fibonacci

1.1600

The objectives for the construction of an upward wave:

1.1880 - 50.0% of Fibonacci

1.1930 - 61.8% of Fibonacci

General conclusions and trading recommendations:

The construction of a new downward trend segment is continuing. It is now possible to resume the decline in quotes within the wave c, (C) with targets located near the calculated mark of 1.1619, which corresponds to 161.8% of Fibonacci and lower about 16 and 15 figures. Within the upward wave b, b, (C), the quotations continue to decline, but wave b can continue its construction with targets near the marks of 1.1880 and 1.1930, which corresponds to 50.0% and 61.8% of Fibonacci.