20.10.201709:40 Forex Analysis & Reviews: Wave analysis of the EUR / USD currency pair for October 20, 2017

Analysis of wave counting:

After the price rebound to the level of 1.1770, at the beginning of yesterday's European session, the pair EUR / USD continued the development of the upward movement, which had become apparent the day before and was able to work out the level of 1.1850 in the second half of the day. It can be assumed that the currency pair confirmed the transition to the stage of formation of the wave c, b, (C), whose calculated targets are located at the mark of 1.1930. At the same time, under the current conditions, the currency pair may resume the decline of quotations at any time to the level of the 16th figure, in connection with which the wave с, а, (С) will 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 continue increasing quotations 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, it is expected to resume decline in quotations in the construction of the wave c, C with goals below 16 figures.