FX.co ★ Wave analysis of the EUR / USD currency pair for July 19, 2017

Analysis of wave counting:

Having failed to execute the reversal, yesterday's EUR / USD pair trades began with the continuation of the upward movement, adding more than 100 pp in price, and worked out the mark of 1.1580 at the end of the day. Thus, the current wave situation suggests that the currency pair still remained in the stage of forming the wave c, c, c, c, e, e (B), in which its internal wave b has probably took the form of a Diagonal correction. If this is the case, then despite the strong overbought indicators, the currency pair can continue the renewed growth of quotations up to the level of the 18th figure.

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

1.1800

General conclusions and trading recommendations:

The currency pair resumed the construction of the wave (B), which now takes an even more complicated look. It is now possible to continue raising the quotations with targets located near the estimated mark of 1.1570, which is equivalent to 161.8% Fibonacci and above, about 18 figures. Unsuccessful attempt to break the mark of 1.1570 may lead to the withdrawal of quotations from the reached maximum.