FX.co ★ Wave analysis of the EUR/USD currency pair for November 22, 2017

Analysis of wave counting:

All day, the EUR/USD pair remained within a moderately narrow price range, limited by marks of 1.1755-1.1710. At the same time, it can be assumed that the currency pair still remained in the stage of formation of the wave b approaching its completion, in b, in a, in (C). If this is the case, breakdown of the level of the 17th figure will lead, most likely, to the resumption of the growth of quotations, which, in turn, will mark the beginning of the wave c, in b, in a, in (C).

Targets for a downward wave option:

1.1736 - 38.2% by Fibonacci

1.1666 - 23.6% by Fibonacci

Targets for an upward wave option:

1.1848 - 61.8% by Fibonacci

1.1918 - 76.4% 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 the suggested wave b, in b, a, in (C) with targets located near the marks of 1.1736 and 1.1666, which corresponds to 38.2% and 23.6% Fibonacci. Within the limits of wave c, in b, in c, in (C), the increase in quotes will resume after the end of wave b with targets above 19 figures.