FX.co ★ Wave analysis of the EUR/USD currency pair for December 4, 2017

Analysis of wave counting:

Having started the Friday session with the expected downward movement, the EUR/USD pair could not overcome the mark of 1.1850 and at the end of the day settled in the region of the level of the 19th figure. It can be assumed that the currency pair has attempted to complete the wave b, in a, in c, in a, in (C) and moved to the stage of formation of the wave c, in a, in c, in a, in (C). At the same time, there is still a possibility of the resumption of the growth of quotations to the level of 1.2000 and 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), and below.