FX.co ★ Wave analysis of the EUR/USD currency pair for December 1, 2017

Analysis of wave counting:

Only after the decline almost to the level of the 18th figure did the EUR/USD pair start a fairly dynamic upward movement and in the second half of yesterday's trading reached the level of 1.1930. It can be assumed that the currency pair completed the wave a, in a, in c, in this a, in (C) and until the end of the day was in the process of forming the wave b, i, in c, in a, in (C) . If this is the case, then from the high of the past day, the currency pair will resume the decline of quotations and denote the beginning of the wave b, in a, in c, in a, in (C). At the same time, the currency pair has gathered the potential for further development of the upward movement to the level of 1.2000, with the prospect of a significant complication of the internal wave structure of wave b, in a, in (C).

Targets for a downward wave option:

1.1792 - 50.0% by Fibonacci

1.1736 - 38.2% by Fibonacci

Targets for an upward wave option:

1,1946 - 76.4% by Fibonacci

1.2000

General conclusions and trading recommendations:

The construction of the downward trend section continues. The assumed wave b, in a, in (C) has completed its construction. If this assumption is correct, then the decline in quotations will resume with the targets located near the estimated marks of 1.1792 and 1.1736, which corresponds to 50.0% and 38.2% Fibonacci within the assumed wave a, in c, in a, in C.