FX.co ★ Wave analysis of the EUR / USD currency pair for August 31, 2017

Analysis of wave counting:

In general, it is expected that during the yesterday's trading, the pair EUR / USD continued the downward movement that began on the previous day and it was fixed under the level of the 19th figure at the end of the day. It can be assumed that the currency pair was in the stage of formation of the internal wave structure of the 4th wave, 5th, c, c, E, (B), which by the close of the American session took a completely completed form. If this is the case, then practically from the low of the past day, or slightly lower, the currency pair will resume the growth of quotations to the level of 1.2100 and thus signify the beginning of the 5th wave, 5th, c, c, E, (B).

The objectives for the construction of the downward wave:

1.1860 - 127.2% of Fibonacci

1.1771 - 100.0% of Fibonacci

Goals for the construction of the upward wave:

1.2098 - 200.0% of Fibonacci

1.22200

General conclusions and trading recommendations:

The currency pair resumed the construction of the wave (B). It is now possible to resume the increase in quotations within wave 5, 5, c, c, E, (B) with targets located near the estimated mark of 1.2098, which corresponds to 200.0% of Fibonacci and above about 22 figures. At the moment, the quotes are still moving away from the maximums reached within the proposed wave 4, 5, c, c, E, (B) with targets near the mark of 1.1860, which corresponds to 127.2% of Fibonacci.