12.03.201811:23 Forex Analysis & Reviews: Wave analysis of the EUR / USD currency pair. Weekly review

Analysis of wave counting:

The attempt by the currency pair EUR / USD to resume the upward movement failed, and from the mark of 1.2445, the price returned to the opening levels of the trading session of the previous Monday. At the same time, due to the inability of the currency pair to continue the growth of quotations, the emerging wave situation suggests that from the maximum of February 16 (1.2555), the currency pair can go to the stage of formation of the first generating waves in the future wave B, (C). At the same time, the probability of forming the wave 4, 5, A, (C) in the form of an extended oblique triangle, has not lost its relevance.

The objectives for the option with an upward wave:

1.2444 - 11.4% of Fibonacci

The objectives for the option with a downward wave:

1.2127 - 50.0% of Fibonacci

1.2030 - 61.8% of Fibonacci

General conclusions and trading recommendations:

The tool supposedly completed the construction of the upward trend section. The wave 4, 5, A, (C) can further complicate its internal structure and take the form of an oblique triangle. Otherwise, the lowering of quotations will continue within the wave a, B, (C) with targets located near the calculated marks of 1.2127 and 1.2030, which corresponds to 50.0% and 61.8% of Fibonacci.