FX.co ★ Wave analysis of the EUR / USD currency pair for August 11, 2017

Analysis of wave counting:

Having failed to form a more significant upward movement, the pair EUR / USD held in the range, continuing to trade near the level of the 30th figure. The current wave situation still allows us to assume that the currency pair remained in the stage of formation of a rather extended downward correction, the further development of which will lead to the need to introduce appropriate changes and refinements into the wave counting of the entire 3rd wave, or C. If this is so, then until the resumption of the decline in quotes, the currency pair may continue to move in the side corridor, in connection with which the wave b will take the form of one of the correctional triangles.

The objectives for building the downward wave:

1.1696 - 100.0% by Fibonacci

1.1619 - 76.4% by Fibonacci

Goals for the construction of the upward wave:

1.1800

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 marks of 1.1696 and 1.1619, which corresponds to 100.0% and 76.4% of Fibonacci. Within the framework of the correction wave 2, quotes rose to the level of 1.1785, about which this wave can finish its construction.