FX.co ★ Wave analysis of the EUR / USD currency pair for October 24, 2017

Analysis of wave counting:

Yesterday's EUR / USD pair trades started with the continuation of the downward movement, losing about 50 pp in price and reached the level of 1.1725 at the end of the day. At the same time, it can be assumed that the currency pair remained in the formative stage of taking the increasingly complex form of the 5th wave, c, a, and (C), as part of the main downward trend. At the same time, the probability of a significant complication of the internal wave structure of the entire wave b, (C) and the continuation of the price movement in the range between the levels of the 17th and 18th figures, has still not lost its relevance.

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 to lower quotations within the wave c, a, (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) may become more complicated, but now it looks quite complete.