FX.co ★ Wave analysis of the EUR / USD currency pair for July 24, 2017

Analysis of wave counting:

During the trading last Friday, the pair EUR / USD continued to develop the upward movement, having added more than 50 pp in price and completed the day with the mark of 1.1680. At the same time, it can be assumed that the currency pair still remained in the formation stage of the increasingly more complex waveform of wave c, c, c, c, c, E, (B). If this is the case, the currency pair retained the potential allowing the probability of further growth of quotations to the level of 1.1740-1.1750, or even to the level of the 18th figure.

Objectives for a downward wave option:

1.1571 - 161.8% by Fibonacci

1.1414 - 127.2% by Fibonacci

Objectives for an upward wave option:

1.1743 - 200.0% by Fibonacci

1.1800

General conclusions and trading recommendations :

The currency pair continues to build a wave (B), which takes an increasingly complex form. It is now possible to continue increasing quotations within the wave c, c, c, E, (B), with targets located near the mark of 1,1743, which corresponds to 200.0% Fibonacci, and above, about 18 figures. After the wave (B) is completed, an extended decline in quotes within the wave (C) is expected. The upward corridor preserves the prospects for increasing quotations.