FX.co ★ Wave analysis of the EUR / USD currency pair for October 23, 2017

Analysis of wave counting:

Having failed to continue the development of the upward movement, the trading of the pair EUR / USD on Friday began to decline and stopped at the mark of 1.1760 in the second half of the day. The resulting wave situation allows us to assume that the currency pair is attempting to resume the formation of the downward trend, and therefore wave c, a, (C) can take the form of a full five-wave structure. At the same time, the probability of a significant complication of the entire wave b, (C) and the continuation of the price movement in the range of the levels of the 17th and 18th figures are still preserved.

The objectives for building a downward wave:

1.1619 - 161.8% of Fibonacci

1.1600

The objectives for the construction of an upward wave:

1.1880 - 50.0% of Fibonacci

1.1930 - 61.8% of Fibonacci

General conclusions and trading recommendations:

The construction of a new downward trend segment is continuing. It is now possible to continue the decline in quotes within the wave c, (C) with targets located near the calculated mark of 1.1619, which corresponds to 161.8% of Fibonacci and lower. The assumed wave b, (C) can become more complicated.