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07.02.201810:08 Forex Analysis & Reviews: Wave analysis of the EUR / USD currency pair for February 7, 2018

Long-term review
This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Exchange Rates 07.02.2018 analysis

Analysis of wave counting:

Yesterday, the attempt to continue the development of the downward movement was not successful even after reaching the mark of 1.2315, and the price of the EUR / USD pair returned to the level of the 24th figure in the second half of the day. At the same time, it seems that as a result of this decrease, the currency pair has already completed the process of forming the wave 4, 5, 3, 5, A, (C). At the same time, the currency pair retains the potential to continue lowering the quotations in the direction of the level of 1.2200, which in turn will indicate its transition to the stage of formation of the wave 4, 5, A, (C), as well as lead to the need to refine the wave marking of the wave 5, 3, 5, A, (C).

The objectives for building a downward wave:

1.2224 - 38.2% of Fibonacci

1.2127 - 50.0% of Fibonacci

The objectives for building an upward wave:

1.2500 - 1.2600

General conclusions and trading recommendations:

The construction of an upward wave A, (C), continues, whose internal marking continues to become more complicated. The assumed wave 3, 5, A, (C) complicated its internal wave structure and resumed its construction with targets located around 26 figures. The correction wave 4 is very complicated, but should not go below the level of 1.2344 in its construction, it corresponds to 23.6% of Fibonacci. Otherwise, it will be necessary to refine the internal structure of wave 3, 5, A, (C).

Chin Zhao
Analytical expert of InstaForex
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