FX.co ★ Wave analysis of the EUR/USD currency pair for August 14, 2017

Analysis of wave counting:

During Friday's trading session in the afternoon, the EUR/USD pair continued to develop an upward movement while adding more than 90 pp in price, reaching the 1.1845 level at the end of the day. At the same time, it is expected that the currency pair will remain in the formative stage of the extended form of the 2nd wave sooner or later (C). In this case, the second wave in (C) will not take an even longer to form in time. Then, practically from the maximum of the last day in the previous week, the currency pair will resume the decline of prices, thus denoting the beginning of the 3rd wave in (C).

Objectives for building a downward wave:

1.1696 - 100.0% by Fibonacci

1,1619 - 76.4% Fibonacci

Targets for building an upward wave:

1.1898 - 161.8% by Fibonacci

1.2000

General conclusions and trading recommendations:

The currency pair has the potential to complete the wave (B) near the 1.1898 mark. It is now possible to resume the decline in prices within the first wave in the near future ( C ). The targets are located near the 1.1696 and 1.1619 marks, which corresponds to 100.0% and 76.4% of Fibonacci. Within the framework of the correction of wave 2, prices rose above 18 figures. This wave is able to complete its formation, as of this writing.