Forex Analysis & Reviews: 03.08.2017 - Wave analysis of the EUR / USD currency pair for August 3, 2017

03.08.2017 10:26 AM

Wave analysis of the EUR / USD currency pair for August 3, 2017

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Analysis of wave counting:

During yesterday's trading, the EUR/USD pair still continued its upward movement and only after the breakdown to the level of the 19th figure did it fall back to the level of 1.1850. In this case, the internal wave structure of the entire wave c, in c, in c, in E, in (B), took an even more complex form, but at the same time completed its form. If this is the case, then from the high of the past day, the currency pair may go into the stage of formation of the future wave (C) of the main downward trend, which is also indicated by the MACD_ak that has passed into the negative zone.

Objectives for a downward wave option:

1.1785 - 127.2% by Fibonacci

1.1696 - 100.0% by Fibonacci

Objectives for an upward wave option:

1.1898 - 161.8% by Fibonacci

1.2000

General conclusions and trade recommendations:

The currency pair continues to build a wave (B), which takes on an increasingly complex form. Now it is possible to continue increasing quotations within the wave c, in c, in c, in E, in (B) with targets located near the mark of 1,1898, which corresponds to 161.8% Fibonacci, and above, around 20 figures. After the wave (B) is completed, an extended decline in quotes within the wave (C) is expected. The upward corridor maintains the prospects for increasing quotations. The MACD_a divergence warns of the tool's readiness to decline. Unsuccessful attempt to overcome the mark of 1,1898 may lead to the retreat of quotes from the highs achieved.

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