FX.co ★ Wave analysis of the EUR / USD currency pair for July 11, 2017

Analysis of wave counting:

Unable to determine the direction of the movement, all day yesterday, the pair EUR / USD held within a fairly narrow price range, trading around the level of the 14th figure. It can be assumed that the currency pair continued to make attempts to complete the 2nd wave, in the future (C), and the transition to the stage of formation of the third wave, in (C). If this is the case, the currency pair will resume its downward movement towards the level of 1,1200. At the same time, as noted earlier, the probability of continuing the growth of quotations to the level of 1,1500 and the further complication of the internal wave structure of the wave c, c, c, e, c (B) remain.

Objectives for a downward wave option:

1.1291 - 100.0% by Fibonacci

1.1184 - 76.4% by Fibonacci

Objectives for an upward wave option:

1.1414 - 127.2% by Fibonacci

1.1500

General conclusions and trading recommendations :

The currency pair supposedly completed the construction of the wave (B), which took a rather complicated form. Now it is possible to lower the quotations within the first waves in the future (C) with targets located near the calculated marks of 1.1291 and 1.1184, which equates to 100.0% and 76.4% of Fibonacci. Wave E and (B) can complicate its internal structure even more and the increase in quotations will resume with targets of about 15 figures and higher.