08.02.201810:36 Forex Analysis & Reviews: Wave analysis of the EUR / USD currency pair for February 8, 2018

Analysis of wave counting:

After a brief delay around the level of the 24th figure, at the beginning of yesterday's European session, the pair EUR / USD resumed the downward movement, having lost more than 150 percentage points and reached the level of 1.2245 at the end of the day. The resulting wave situation suggests that as a result of such a significant decline, the currency pair confirmed the transition from the January 25 maximum (1.2535) to the formation stage of wave 4, 5, A, (C), which, in turn, is probably the apex of the entire wave 3, 5, A, (C). At the same time, it should be noted that the wave structure of the wave 4, 5, A, (C), that looks almost complete, can take the form of a longer oblique triangle in time.

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) has completed its construction. The correction wave 4 assumes a rather complex form and continues to build with targets located near the calculated marks of 1.2224 and 1.2127, which corresponds to 38.2% and 50.0% of Fibonacci.