17.01.201810:06 Forex Analysis & Reviews: Wave analysis of the EUR / USD currency pair for January 17, 2018

Analysis of wave counting:

During the yesterday's European session, the pair EUR / USD began with a decline, rebounding from the level of the 22nd figure and returned to the level of 1.2280 until the end of the day. It can be assumed that despite this downward movement, the currency pair remained in the final stage of the formation of the 5th wave, c, b, 4th, A, (C). If this is the case, then a 1.2300 breakdown may allow the currency pair to complete the entire wave c, b, 4th, A, (C) and designate the beginning of the future wave c, 4th, A, (C). At the same time, as noted earlier, in the case of the continued growth of quotations to the level of the 24th figure, the already formed wave counting of wave A, (C) will most likely require the introduction of significant refinements and changes.

The objectives for building a downward wave:

1.2000 - 1.2100

The objectives for building an upward wave:

1.2331 - 323.6% of Fibonacci

General conclusions and trading recommendations:

The upward wave A, (C) continues to build. The assumed wave b, 4th, A, (C) resumed its construction and once again, greatly complicated its internal structure. The increase in quotations will continue with the targets near the estimated level of 1.2331, which corresponds to 323.6% of Fibonacci, and higher. After the completion of the construction of the wave b, 4th, A, (C), the quotations are expected to fall in the region of 21 and 20 figures. The wave counting may require adjustments in the near future.