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Wave analysis

08.01.201810:03 Forex Analysis & Reviews: Wave analysis of the EUR / USD currency pair. Weekly review

Long-term review

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Analysis of wave counting:

In the first trading week of the new year, the EUR / USD did not show any significant activity, remaining in the range between the level of the 20th figure and the mark of 1.2090. It can be assumed that the currency pair continued to make attempts to complete the formation of the wave c, b, in the 4th, A, (C). If this is so, then the divergence of the MACD indicates a possibility of an early turn in the price in favor of the dollar and the beginning of the formation of the future wave c, in the 4th, A, (C).

Targets for the upward wave option:

1.2000 - 1.2050

Targets for the downward wave option:

1.1510 - 38.2% by Fibonacci

1.1330 - 50.0% by Fibonacci

General conclusions and trading recommendations:

The tool continues to build the first waves in the composition of the future C. This week, it is possible to resume the decline in quotations within the wave c, at 4, A, (C) with targets located near the estimated marks of 1.1510 and 1.1330, which corresponds to 38.2% and 50.0% of Fibonacci. The divergence of the MACD indicates the willingness of the instrument to build a downward wave.

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