18.10.201709:53 Forex Analysis & Reviews: Wave analysis of the EUR / USD currency pair for October 18, 2017

Analysis of wave counting:

Yesterday's EUR / USD pair trades began with a downward movement and only after falling to 1.1735, the price rebounded by almost 40 percentage points from the already reached minimum. It can be assumed that the currency pair has almost completed the formation of the wave b, b, (C) and the beginning of the growth of quotations may be the beginning of the wave c, b, (C). At the same time, the currency pair still retains the potential, allowing it to continue the decline to the level of 1.1620, so that the wave c, a, (C) takes 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 increase in quotes within the wave c, b, (C) with targets located near the calculated marks of 1.1880 and 1.1930, which corresponds to 50.0% and 61.8% of Fibonacci. After the completion of the construction of this wave, the quotations are expected to decline as part of the construction of the wave c, C with targets below 16 figures.