FX.co ★ Wave analysis of the EUR / USD currency pair for January 29, 2018

Analysis of the wave counting:

During the Friday's trading, the currency pair EUR / USD began with the rollback of the price from the minimum reached on Thursday and almost returned to the level of the 25th figure at the beginning of the European session. The resulting wave situation allows us to assume that the currency has made another attempt to complete the 3rd wave, 5th, A, (C) and go to the stage of formation of wave a, as part of the 4th wave, 5th wave, A, (C). If this is the case, the entire 3rd wave, 5th, A, (C) will not take an even more complicated form, then the currency pair may continue to decline quotations in the direction of 1.2200.

The objectives for building the downward wave:

1.2100 - 1.2200

Goals for building the upward wave:

1.2500

General conclusions and trading recommendations:

The construction of the upward wave A, (C), the internal marking of which has incurred changes, continues. The assumed wave 3, 5, A, (C), probably completed its construction near the calculated mark of 1.2476, which corresponds to 423.6% of Fibonacci. If this is the case, within the limits of the correctional wave 4, the quotations may start to move away from the reached maximum with targets that are about 21 and 22 figures. The divergence of the MACD also warns of the willingness of the instrument to build a bearish wave.