24.11.201700:19 Forex Analysis & Reviews: Wave analysis of the EUR/USD currency pair for November 23, 2017

Analysis of wave counting:

The publication of the November FOMC minutes prompted another round of the weakening of the dollar, in connection with which, from the low of yesterday's European session, the EUR/USD pair was able to add about 90 pp in price and finish the day above the level of the 18th figure. It can be assumed that as a result of such an upward movement, the currency pair made an attempt to go to the stage of formation of the wave c, in b, in a, in (C). If this is the case, wave b, in b, in a, in (C) will not further complicate its wave structure, and the currency pair will continue to rise in the direction of targets located in the area of the mark of 1.1920.

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% of Fibonacci

General conclusions and trading recommendations:

The construction of a new downward trend segment is continuing. Now it is possible to continue increasing quotations within the suggested wave c, in b, a, in (C) with targets located near the estimated mark of 1.1918, which corresponds to 76.4% of Fibonacci. Within the limits of wave с, in а, in (С), the decrease of quotes can resume after the current wave is completed.