FX.co ★ Wave analysis of the EUR/USD currency pair for November 16, 2017

Analysis of wave counting:

Under the conditions of signs of weakness in the dollar, at the beginning of yesterday's trading, the EUR/USD pair continued its dynamic development of the upward movement and only rebounded by 1.760 points by 70 percentage points from the highs reached in the middle of the day. The resulting wave situation makes it possible to assume that the currency pair can go to the stage of an extended upward correction in relation to the entire downward segment, formed from the September 8 highs in the wave (C). If this is the case, then before resuming the growth of quotes, the currency pair will continue to decline in the direction of the level of the 17th figure.

Targets for a downward wave option:

1.1743 - 38.2% by Fibonacci

1.1706 - 50.0% by Fibonacci

Targets for an upward wave option:

1.1853 - 423.6% by Fibonacci

General conclusions and trading recommendations:

The construction of a new downward trend segment is continuing. It is now possible to continue increasing quotations within the proposed wave b, in c, in (C) with targets above 19 figures. Within the corrective wave b, in b, in c, in (C), a decline began with targets near the estimated marks of 1.1743 and 1.1706, which equates to 38.2% and 50.0% of Fibonacci.