23.02.201809:55 Forex Analysis & Reviews: Wave analysis of the EUR / USD currency pair for February 23, 2018

Analysis of wave counting:

During the play of a fairly strong MACD divergence, yesterday's European session of the currency pair EUR / USD began with the expected upward movement, adding about 90 percentage points in price and was able to work out the mark of 1.2350 in the second half of the day. The resulting wave situation allows us to assume that the currency pair completed the formation of the wave 2, 5, 5, A, (C) and made an attempt to designate the beginning of the future wave 3, 5, 5, A, (C). At the same time, there is still a probability of a resumption of a decline in quotations to the level of the 22nd figure and the transformation of the wave 4, 5, A, (C) into a more complex correctional structure.

The objectives for building a downward wave:

1.2287 - 76.4% of Fibonacci

The objectives for building an upward wave:

1.2600 - 1.2700

General conclusions and trading recommendations:

The construction of an upward wave A, (C), continues, whose internal marking continues to become more complicated. The increase in quotes may resume within wave 3, 5, 5, A, (C) with targets around 26 figures, if the correctional wave 2 actually completed its construction near the estimated level of 1.2287, which corresponds to 76.4 % Fibonacci. The MACD convergence warned of the willingness of the instrument to build an upward wave.