FX.co ★ Wave analysis of the EUR / USD currency pair for July 26, 2017

Analysis of wave counting:

After testing the level of the 17th figure yesterday, the pair EUR / USD could not consolidate the emerging success in anticipation of today's meeting of the Fed and until the end of the day returned to the area of the minimum of the Asian session. The current wave situation allows us to assume that a repeated breakdown of the level of 1.1700 can lead to the completion of the entire wave E, (B) and the transition of the currency pair to the stage of forming the first generating waves in the future wave (C) of the main downward trend. At the same time, the probability of continuing the growth of quotations remains, as well as an even greater complication of the internal wave structure of the wave c, c, c, e, c (B).

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 the 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.