31.01.201809:47 Forex Analysis & Reviews: Wave analysis of the EUR / USD currency pair for January 31, 2018

Analysis of wave counting:

Yesterday, the attempt to continue the development of the downward movement was not successful and until the end of the day, the price of the EUR / USD pair rebounded by almost 80 percentage points from the minimum reached at the beginning of the European session (1.2335). It can be assumed that the currency pair continued to remain in the formation stage of wave a, 4th, 5th, A, (C), which began to acquire signs of an incomplete five-wave structure. At the same time, there is a possibility of even more complicating the entire wave 3rd, 5th, A, (C) and the resumption of the currency pair growth of quotations, at least to the level of the 26th figure.

The objectives for building a downward wave:

1.2224 - 38.2% of Fibonacci

1.2127 - 50.0% of Fibonacci

The goals for building an upward wave:

1.2500

General conclusions and trading recommendations:

The construction of the upward wave A, (C), the internal marking of which has incurred changes, continues. The assumed wave 3, 5, A, (C), probably completed its construction near the calculated mark of 1.2476, which corresponds to 423.6% of Fibonacci. If this is the case, within the limits of the correctional wave 4, the quotes may resume from the peaks reached with targets near the estimated levels of 1.2224 and 1.2127, which is equivalent to 38.2% and 50.0% of Fibonacci.