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

Analysis of wave counting:

In general, it is expected that at the beginning of yesterday's trading, the pair EUR / USD continued to develop the upward movement, having added more than 80 pp in price and reached the level of 1.1825 at the end of the day. Thus, we can assume that the currency pair still remained in the stage of formation of the internal wave structure of wave b, (C). At the same time, the probability remains that the currency pair can resume the decline in quotes, and therefore wave с, a, (С) can acquire signs of a five-wave structure.

The objectives for the construction of the downward wave:

1.1664 - 200.0% of Fibonacci

1.1600

The objectives for the construction of an upward wave:

1.1850 - 1.1900

General conclusions and trading recommendations:

The construction of a new downward trend section continues. It is now possible to resume the decline in quotes within the wave c, (C) with targets located near the estimated mark of 1.1664, which corresponds to 200.0% of Fibonacci and lower about 16 figures. In the context of the upward wave b, (C), the quotations continue to move away from the reached lows with the targets that are about 19 figures.