FX.co ★ Wave analysis of the EUR / USD currency pair for August 4, 2017

Analysis of wave counting:

The EUR/USD pair could not determine the direction of the movement during yesterday's trading. It remained near the high level reached on the previous day until the end of the day. At the same time, it can be assumed that the currency pair has already completed the waves in c, in c, in e and in B. It also attempted determine the future of the wave C headed downward. If this is the case, the waves in c, in c, in c, in E and in B will not move in a more complex form. Then, the currency pair will start to decline in prices.

Objectives for building a downward wave:

1.1785 - 127.2% Fibonacci retracement

1.1696 - 100.0% by Fibonacci

Goals for building an upward wave:

1.1898 - 161.8% by Fibonacci

1,2000

General conclusions and trade recommendations:

The currency pair continues to build a wave (B), which takes on an increasingly complex form. It is possible to continue increasing quotations within the waves c, in c, in E , in ( B ). The targets located near the 1.1898 mark that corresponds to 161.8% Fibonacci, and just above 20 figures. After the completion of wave B, an extended decline in prices within the wave (C) is expected. The upward barrier limits the prospects for increasing quotations. An unsuccessful attempt to exceed the 1.1898 mark may lead to the withdrawal of quotes from the peaks achieved.