FX.co ★ Wave analysis of the currency pair EUR/USD for August 1, 2017

Analysis of wave counting:

In the second half of yesterday's trading, the pair EUR / USD still resumed the upward movement and completed the day by working out the mark of 1.1845. In this case, the internal wave structure of the entire wave c, c, c, c, e, c (B) has almost finished. If this is the case, then from the high of the past day, or after testing the level of the 19th figure, the currency pair can make a turn and go to the stage of forming an extended downward correction, and perhaps even designate the beginning of the future wave (C) of the main downward trend.

Objectives for a downward wave option:

1.1696 - 100.0% by Fibonacci

1.1619 - 76.4% by Fibonacci

Objectives for an upward wave option:

1.1898 - 161.8% Fibonacci

1.2000

General conclusions and trading recommendations:

The currency pair continues to build the wave (B), which takes an increasingly complex form. Now it is possible to continue increasing quotations within the wave c, c, c, E, (B) with targets located near the mark of 1.1898, which corresponds to 161.8% Fibonacci, and above about 20 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.