FX.co ★ Wave analysis of the EUR / USD currency pair for February 2, 2018

Analysis of wave counting:

At the beginning of the European session yesterday, the dollar resumed its decline, which allowed the EUR/USD pair to firmly gain a foothold above the level of the 25th figure at the end of the day and reached the level of 1.2520. Thus, the emerging wave situation suggests that the currency pair remained in the stage of the third wave formation in the 5th, in A, and in (C). Thus, considerably complicating its internal 5th wave. If this is the case, the fourth wave in the 5th, in the 3rd, in the 5th, in A, and in (C) will not take more complex form. The currency pair will continue the growth of quotations, at least to the level of 1.2600.

Objectives for building a downward wave:

1.2224 - 38.2% by Fibonacci

1.2127 - 50.0% Fibonacci retracement

Goals for building an upward wave:

1.2500 - 1.2600

General conclusions and trading recommendations:

The construction of an upward wave A, in (C), continues as its internal marking continues to become more complicated. We can assume the third wave in 5th, in A, and in (C) can have a complicated internal wave structure and resume its construction with targets located around 26 figures. The correction of the 4th wave turned out to be very short.