07.03.201809:40 Forex Analysis & Reviews: Wave analysis of the EUR / USD currency pair for March 7, 2018

Analysis of wave counting:

Yesterday's EUR / USD currency pair trades started with an upward movement, adding more than 80 percentage points in price and fixed near the level of the 24th figure at the end of the day. At the same time, it seems that the currency pair remained in the stage of formation, which considerably complicated its wave structure of wave b, B, (C). If this is so, then, practically from the already reached maximum (1.2420), the currency pair will resume the decline and signify the beginning of the future wave c, B, (C). At the same time, the probability of further growth of quotations to the level of 1.2500 and the formation of the wave 4, 5, A, (C) as a complex correction triangle still remains relevant.

The objectives for building a downward wave:

1.2200 - 1.2100

The objectives for building an upward wave:

1.2400

1.2537 - 261.8% of Fibonacci

1.2600

General conclusions and trading recommendations:

The wave counting on the instrument is complicated and confusing. The increase in quotes may continue within the expected wave b, B, (C) with targets slightly above the 24th figure, after which the current wave counting allows a resumption of the decline within the wave c, B, (C) or even more complicated wave 4, 5, A, (C) with goals below the 22nd figures.