18.01.201815:21 Forex Analysis & Reviews: Wave analysis of the EUR / USD currency pair for January 18, 2018

Analysis of wave counting:

Yesterday, as expected, the breakdown to the level of the 23rd figure led to a rebound in the EUR / USD pair price by more than 120 percentage points from the maximum reached at the beginning of the trading (1.2320). In this case, the internal wave structure of the assumed wave b, 4th, A, (C), once again, took a completely completed form. If this is so, then the descending downward movement can be considered as the transition of the currency pair to the stage of formation of the future wave c, 4th, A, (C). At the same time, as noted earlier, in the case of the resumption of the growth of quotations to the level of the 24th figure, there will be a need to refine the already established wave counting of the entire wave A, (C).

The objectives for building a downward wave:

1.2000 - 1.2100

The objectives for building an upward wave:

1.2331 - 323.6% of Fibonacci

General conclusions and trading recommendations:

The construction of the upward wave A, (C) continues. The assumed wave b, 4th, A, (C) resumed its construction and once again greatly complicated its internal structure. The increase in quotations may continue with targets near the estimated level of 1.2331, which corresponds to 323.6% of Fibonacci, and above. After the completion of the construction of the wave b, 4th, A, (C), the quotations are expected to fall in the region of 21 and 20 figures. The wave counting may require adjustments in the near future.