FX.co ★ Wave analysis of the EUR / USD currency pair for January 22, 2018

Analysis of wave counting:

Having failed to determine the direction of the movement, during the Friday's trading, the pair EUR / USD remained in the range between the levels of the 23rd and 22nd figures. It can be assumed that the currency pair was still in the stage of formation of the first generating waves in the composition of the future wave c, 4th, A, (C), whose calculated targets extend up to the level of 1.2000. At the same time, the currency pair still retains the potential to resume the growth of quotations and thereby give the wave A, (C) a much more complicated form.

The objectives for building a downward wave:

1.2000 - 1.2100

The objectives for building an upward wave:

1.2331 - 323.6% of Fibonacci

General conclusions and trading recommendations:

The construction of the upward wave A, in (C), continues. The assumed wave b, 4th, A, (C), may have completed its construction. The increase in quotations may resume with targets near the 1.2331 rating, which corresponds to 323.6% of Fibonacci, and above in the context of the complicated wave b, 4th, A, (C). If this wave is still complete, then the decline in quotations will continue with the targets, which are about 20 figures.