FX.co ★ Wave analysis of the EUR / USD currency pair for March 1, 2018

Analysis of wave counting:

In the course of yesterday's trading, the currency pair EUR / USD continued the downward movement that began on the eve, breaking through the minimum reached on February 9 (1.2205) and was fixed below the level of the 22nd figure at the end of the day. Thus, the emerging wave situation allows (with some stretch) to consider the mark of 1.2555 as the top of the wave 5, 5, A, (C), and the subsequent price reduction as an attempt of the currency pair to go to the stage of formation the future wave B, (C). At the same time, the probability of formation of the wave 4, 5, A, (C) as an extended correctional triangle and the resumption of the growth of quotations in the direction of the level of 1.2500 still remain.

The objectives for building a downward wave:

1.2200 - 1.2100

The objectives for building an upward wave:

1.2537 - 261.8% of Fibonacci

1.2600

General conclusions and trading recommendations:

The wave counting on the instrument is complicated and confusing. The rise in quotations may resume within wave 3, 5, 5, A, (C) with targets around 26 figures, but current wave counting also allows a continuation of the decline within wave B, (C) located below the 22nd figures. The MACD convergence warns of readiness for the withdrawal of quotations from the achieved lows.