FX.co ★ Wave analysis of the EUR/USD currency pair for November 10, 2017

Analysis of wave counting:

Yesterday, the EUR/USD pair trades started with an upward movement and, adding more than 60 pp in price in the second half of the day, was able to reach the mark of 1.1655. Thus, it is possible to assume that despite the decline on Tuesday at 1.1555, the currency pair still remained in the formation stage of the wave b, which took the form of an inclined correction structure in wave b, in c, in (C). If this is the case, then until the end of this wave b, in c, in (C), the currency pair may remain within the range limited by the mark of 1.1550 and the level of the 17th figure.

Targets for a downward wave option:

1,1556 - 76.4% by Fibonacci

1.1450 - 100.0% by Fibonacci

Targets for an upward wave option:

1.1700

General conclusions and trading recommendations:

The construction of a new downward trend segment is continuing. Now it is possible to raise quotes within the wave c, in b, in c, in (C) with the targets located near the figure 17. After the end of this wave, the decline is expected to resume with targets near the estimated 1.1556 mark, which corresponds to 76.4% Fibonacci, and lower. The downward movement preserves the prospects of constructing a downward trend section.