01.08.201816:34 Forex Analysis & Reviews: Wave analysis of EUR / USD for August 1. The attempt to get out of the narrowing corridor ended in failure

Analysis of wave counting:

During the trades on Tuesday, the currency pair EUR / USD attempted to breach the upper forming tapering corridor of the line and, failing to do so, lost about 60 percentage points from the day's high. Thus, the pair remains within the corridor, keeping the chances of building a downtrend 5 of the main trend. As before, the confirmation for the execution of the working variant will be the break of the lower corridor line.

The objectives for the option with sales:

1.1507 - 100.0% of Fibonacci

1.1444 - 127.2% of Fibonacci

The objectives for the option with purchases:

1.1834 - 200.0% of Fibonacci

1.1957 - 161.8% of Fibonacci

General conclusions and trading recommendations:

The correction wave 4 is still characterized as complete. The peak of its internal wave e was not penetrated. I recommend continuing the formation of the pair's sales in the expectation of the variant with the construction of wave 5 of the downward trend section with targets located near the marks of 1.1507 and 1.1444, which corresponds to 100.0% and 127.2% of Fibonacci. I recommend to consider buying a pair after a successful attempt to break the top line of the corridor and refine the wave counting.