19.10.201709:41 Forex Analysis & Reviews: Wave analysis of the EUR / USD currency pair for October 19, 2017

Analysis of wave counting:

Only after the decline to 1.1730, the pair EUR / USD began the expected upward movement, having added 70 pp in price and completed the last day by returning to the level of the 18th figure. Thus, we can assume that after specifying the wave structure of wave b, b, (C), the currency pair nevertheless designated the beginning of the wave c, b, (C). If this is true, then the currency pair has good prospects for the growth of quotations to the level of 1.1930. At the same time, there is still a probability of resuming the downward movement in the direction of the 1.1620 mark, so that the wave c, a, (C) can take the form of a full five-wave structure.

The objectives for building a downward wave:

1.1619 - 161.8% of Fibonacci

1.1600

The objectives for the construction of an upward wave:

1.1880 - 50.0% of Fibonacci

1.1930 - 61.8% of Fibonacci

General conclusions and trading recommendations:

The construction of a new downward trend segment is continuing. It is now possible to resume the increase in quotes within the wave c, b, (C) with targets located near the calculated marks of 1.1880 and 1.1930, which corresponds to 50.0% and 61.8% of Fibonacci. After the completion of the construction of this wave, the quotations are expected to decline as part of the construction of the wave c, C with targets below 16 figures.