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Wave analysis

16.08.201712:54 Forex Analysis & Reviews: Wave analysis of the EUR / USD currency pair for August 16, 2017

Long-term review

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Analysis of wave counting:

In general, it is expected that trading yesterday's EUR / USD pair will start with the continuation of the downward movement. After losing about 100 pips, it broke through the minimum level reached on August 8 at 1.1688. It can be assumed that the transition of the currency pair is confirmed the formation of the 3rd wave in (C). If this happens, there is a good prospect for currency pair to further lower the quotations in direction of the consolidation targets for the 3rd wave in (C), which is located up to the level of the 15th figure.

Objectives for building a downward wave:

1.1625 - 100.0% Fibonacci retracement

1.1585 - 127.2% by Fibonacci

Goals for building an upward wave:

1.1898 - 161.8% by Fibonacci

1,2000

General conclusions and trade recommendations:

If the currency pair supposedly completed the wave (B) near the mark of 1.1898, it is now possible to continue the decrease of quotations as part of the future (C). The targets are located near the levels of 1.1625 and 1.1585 corresponding to 100.0% and 127.2% of Fibonacci. Most likely, the correction of wave 2 has already completed its construction.

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