FX.co ★ Wave analysis of the EUR/USD currency pair for November 15, 2017

Analysis of wave counting:

Failing to manage a turnaround during yesterday's European session, the EUR/USD pair began with a fairly dynamic upward movement and, adding in price more than 140 pp, at the end of the day was able to test the level of the 18th figure. Thus, due to such a significant growth, there were grounds which made it possible to consider the low of November 7 (1.1555) as the completion of the wave a, in c, in (C). If this is the case, then from the highs reached yesterday, the currency pair will practically nevertheless begin the expected decline in quotes and thus indicate the beginning of the wave c, in c, in (C). At the same time, if the upward movement continues to the level of 1.1850, or to the level of 1.900, it may be necessary to revise the wave counting of the entire wave (C) that has developed before.

Targets for a downward wave option:

1.1556 - 76.4% by Fibonacci

1.1450 - 100.0% by Fibonacci

Targets for an upward wave option:

1.1850-1.1900

General conclusions and trading recommendations:

The construction of a new downward trend segment is continuing. Now it is possible to continue increasing quotations within the wave b, in c, in (C) with the targets located on the approach to figure 19. After its completion, a decrease in the wave c, in c, in (C) is expected with targets below 1.1566, which is equivalent to 76.4% Fibonacci.