17.07.201710:08 Forex Analysis & Reviews: Wave analysis of the EUR / USD currency pair for July 17, 2017

Analysis of wave counting:

During the last day of the past week, the pair EUR / USD began with an upward movement, which accelerated after the publication of a weak macroeconomic statistics unit in the US and allowed it to reach the level of 1.1470 at the end of trading. It can be assumed that despite such a significant growth in quotations, the currency pair remained in the stage of forming the first generating waves in the composition of the future wave (C) of the main downward trend. At the same time, the probability of further growth of the price against the dollar to the levels of the 15th figure and, as a consequence, a significant complication of the internal wave structure of the wave c, c, c, E, (B), continues to remain relevant.

Objectives for a downward wave option:

1.1291 - 100.0% by Fibonacci

1.1184 - 76.4% by Fibonacci

Objectives for an upward wave option:

1.1570 - 161.8% by Fibonacci

General conclusions and trading recommendations:

The currency pair presumably completed the construction of the wave (B). It is now possible to continue the decline of quotations within the first waves of the future wave (C) with the targets located near the calculated marks of 1.1291 and 1.1184, which is equivalent to 100.0% and 76.4% of Fibonacci. Wave E and (B) can further complicate its internal wave structure with targets near 1.11570 (161.8% Fibonacci) and above.