FX.co ★ Wave analysis of the EUR / USD currency pair for February 6, 2018

Analysis of wave counting:

The new EUR / USD pair began with the continued development of the downward movement, having lost about 110 percentage points from the maximum of the European session and confidently entrenched under the level of the 24th figure at the end of the day. Thus, it can be assumed that the currency pair remained in the stage of formation of the wave 5, 3, 5, A, (C), thus considerably complicating its internal 4th wave. If this is the case, then the current wave situation allows the currency pair at any time to resume the growth of quotations and, at least, to work out the level of 1.2600.

The objectives for building a downward wave:

1.2224 - 38.2% of Fibonacci

1.2127 - 50.0% of Fibonacci

The objectives for building an upward wave:

1.2500 - 1.2600

General conclusions and trading recommendations:

The construction of an upward wave A, (C), continues, whose internal marking continues to become more complicated. The assumed wave 3, 5, A, (C) complicated its internal wave structure and resumed its construction with targets located around 26 figures. The correction wave 4 is very complicated, but should not go below the level of 1.2344 in its construction, it corresponds to 23.6% of Fibonacci.