14.12.201711:15 Forex Analysis & Reviews: Wave analysis of the EUR/USD currency pair for December 14, 2017

Analysis of wave counting:

The lack of unity among the members of the FOMC committee in making a decision to raise the rate had a negative impact on the dollar, which in turn led to an increase in the price of the EUR/USD pair at 1.1830 at the end of the previous day. The current wave situation makes it possible to consider the lows reached on Tuesday as the completion of the wave c, in a, in c, in a, in (C), and yesterday's upward movement as the process of formation of wave b, in c,in a, in (C) . If this is the case, the currency pair may resume the decline of quotations, after testing the mark of 1.1850, or even the level of the 19th figure.

Targets for a downward wave option:

1.1736 - 38.2% by Fibonacci

1.1666 - 23.6% by Fibonacci

Targets for an upward wave option:

1.1850-1.1900

General conclusions and trading recommendations:

The construction of the downward trend section continues. The assumed wave a, in c, in a, in (C) has completed its construction. If this assumption is correct, then the increase in quotations may continue with targets located near the mark of 1.1850 and about 19 figures. After that, the decline will resume within the wave c, in c, in a, in (C) with targets below 1.1736, which corresponds to 38.2% of Fibonacci.