20.04.201809:53 Forex Analysis & Reviews: Wave analysis of the EUR / USD currency pair for April 20, 2018

Analysis of wave counting:

During the yesterday's European session, the currency pair EUR / USD began with a downward movement, losing about 70 percentage points from the level of the 24th figure and was able to work out the mark of 1.2330 at the end of the day. At the same time, it can be assumed that the currency pair continued to make attempts to transition to the stage of the future wave formation from wave c, c, a, B, (C). At the same time, as noted earlier, the currency pair retains the potential to resume the growth of quotations to around 1.2450 and further complicate the internal wave structure of wave b, c, a, B, (C).

The objectives for building a downward wave:

1.2204 - 161.8% of Fibonacci

The objectives for building an upward wave:

1.2414 - 76.4% of Fibonacci

1.2446 - 88.6% of Fibonacci

General conclusions and trading recommendations:

The wave counting on the instrument involves the construction of a downward trend section. The assumed wave b, c, a, B, (C) can complicate its internal structure with targets located near the marks of 1.2414 and 1.2466, which corresponds to 76.4% and 88.6% of Fibonacci. Further increase in quotations may lead to the need to clarify the current wave counting. An unsuccessful attempt to break the mark of 1.2414 could lead to the completion of the construction of this wave.