07.02.201810:08 Forex Analysis & Reviews: Wave analysis of the EUR / USD currency pair for February 7, 2018

Analysis of wave counting:

Yesterday, the attempt to continue the development of the downward movement was not successful even after reaching the mark of 1.2315, and the price of the EUR / USD pair returned to the level of the 24th figure in the second half of the day. At the same time, it seems that as a result of this decrease, the currency pair has already completed the process of forming the wave 4, 5, 3, 5, A, (C). At the same time, the currency pair retains the potential to continue lowering the quotations in the direction of the level of 1.2200, which in turn will indicate its transition to the stage of formation of the wave 4, 5, A, (C), as well as lead to the need to refine the wave marking of the wave 5, 3, 5, A, (C).

The objectives for building a downward wave:

1.2224 - 38.2% of Fibonacci

1.2127 - 50.0% of Fibonacci

The objectives for building an upward wave:

1.2500 - 1.2600

General conclusions and trading recommendations:

The construction of an upward wave A, (C), continues, whose internal marking continues to become more complicated. The assumed wave 3, 5, A, (C) complicated its internal wave structure and resumed its construction with targets located around 26 figures. The correction wave 4 is very complicated, but should not go below the level of 1.2344 in its construction, it corresponds to 23.6% of Fibonacci. Otherwise, it will be necessary to refine the internal structure of wave 3, 5, A, (C).