FX.co ★ Wave analysis of the EUR / USD currency pair for August 7, 2017

Analysis of wave counting:

In the second half of the Friday trading, the pair EUR / USD still continued the expected downward movement, having lost about 160 percentage points and broke the 1.1730 mark at the end of the day. Thus, it seems that the currency pair still confirms the completion of the wave c, c, c, e, e (B) and the transition to the stage of formation of the first generating waves in the future wave (C) of the main downward trend. At the same time, despite such a significant decline, the currency pair retains the potential for the resumption of the growth of quotations up to the level of the 20th figure and an even greater complication of the internal wave structure of the wave c, c, c, e, c (B).

The objectives for building a downward wave:

1.1696 - 100.0% by Fibonacci

1.1619 - 76.4% by Fibonacci

Aims for building an upward wave:

1.1898 - 161.8% by Fibonacci

1.2000

General conclusions and trading recommendations:

The currency pair supposedly completed the wave (B) near the mark of 1.1898. It is now possible to lower quotations within the first waves in the future (C) with targets located near the mark of 1.1696 and 1.1619, which corresponds to 100.0% and 76.4% of Fibonacci. Unsuccessful attempt to overcome the mark of 1.1898 led to the withdrawal of quotations from the peaks reached.