FX.co ★ Wave analysis of the EUR/USD currency pair for December 11, 2017

Analysis of wave counting:

On Friday, after settling on the 1.1730 mark, the EUR/USD pair could not continue the development of the downward movement and rebounded by more than 40 percentage points until end of the day from the minimum reached in the middle of the European session. The current wave situation makes it possible to assume that the currency pair remained in the stage of formation of the wave c, in a, in c, in a, in (C), which still retained the elements of incompleteness. If this is the case, then an attempt to test the level of the 17th figure can lead to a currency pair reversal against the dollar and the beginning of the formation of a future wave b, in c, in a, in (C), which is also indicated by the continuing divergence of the MACD_aka.

Targets for a downward wave option:

1.1736 - 38.2% by Fibonacci

1.1666 - 23.6% by Fibonacci

Targets for an upward wave option:

1.1946 - 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, the decline may continue with targets located near the estimated levels of 1.1736 and 1.1666, which corresponds to 38.2% and 23.6% Fibonacci within the assumed wave a, in c, in a, in (C), and below. MACD_aka convergence warns about the trading instrument's inclination to build an upward wave b, in c, in a, in (C). An unsuccessful attempt to break the 1.1736 mark also warns the trading instrument is ready to increase.