FX.co ★ Wave analysis of the EUR/USD currency pair for November 9, 2017

Analysis of wave counting:

Yesterday, the EUR/USD pair remained within a very narrow price range, trading near the level of the 16th figure. It is possible to assume assumed that the currency pair remained in the stage of formation of the 3rd wave, in a, in a, in c, in (C), which by the close of the US session had not yet been completed. If this is the case, the currency pair retained its potential, allowing it to at least reach the mark of 1.1550. At the same time, as it was already noted earlier, the probability of development of an extended upward correction and even more complication of the internal wave structure of the whole wave (C) still has not lost its significance.

Targets for a downward wave option:

1,1556 - 76.4% by Fibonacci

1.1450 - 100.0% by Fibonacci

Targets for an upward wave option:

1.1664 - 38.2% by Fibonacci

1.1705 - 50.0% by 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 wave 3, in a, in a, in, c, in (C) with targets located near the estimated marks of 1.1556 and 1.1450, which corresponds to 76.4% and 100.0% of Fibonacci. The downward corridor preserves the prospects of constructing a downtrend section of the trend. The convergence MACD_aka warns of a possible withdrawal of quotes from the reached lows.