21.11.201709:50 Forex Analysis & Reviews: Wave analysis of the EUR/USD currency pair for November 21, 2017

Analysis of wave counting:

After the price fell to 1.1720, the attempt to resume the upward movement ended in the middle of yesterday's trading with an unsuccessful testing of the level of the 18th figure and the subsequent return of the pair EUR/USD to the price figures of the beginning of the day. At the same time, it can be assumed that the currency pair remained in the formation stage of the increasingly more complex wave b, in b, in a, in (C). If this is the case, then before the rise of quotes, in the process of completing this wave b, in b, in a, in (C), the currency pair may continue to decline to the level of 1.1700, or even to the level of 1.1680-1, 1670.

Targets for a downward wave option:

1.1736 - 38.2% by Fibonacci

1.1666 - 23.6% by Fibonacci

Targets for an upward wave option:

1.1848 - 61.8% by Fibonacci

1.1918 - 76.4% by Fibonacci

General conclusions and trading recommendations:

The construction of a new downward trend segment is continuing. It is now possible to continue the decline in quotes within the suggested wave b, in b, in a, in (C) with targets located near the marks of 1.1736 and 1.1666, which corresponds to 38.2% and 23.6% of Fibonacci. Within the correction wave c, in b, in c, in (C), the quotes' upward movement will resume after the end of wave b with targets above 19 figures.