FX.co ★ Wave analysis of the EUR / USD currency pair for July 27, 2017

Analysis of wave counting:

The decision taken yesterday at the FOMC meeting to leave the federal funds rate at 1.00-1.25% provided additional support for the euro, which in turn led to an increase in the price of the EUR / USD pair to the area of 1.1740. It can be assumed that the currency pair still remained in the stage of forming the wave c, c, c, c, c, e, (B), approaching its completion. If this is the case, then before the turn and mark the beginning of the future wave (C), the currency pair can continue to increase the quotations to the level of 1,1750 or even to the levels 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 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.