FX.co ★ Wave analysis of the EUR/USD currency pair for December 20, 2017

Analysis of wave counting:

As expected, yesterday's EUR/USD pair trades started with an upward movement and, adding about 70 percentage points in price, stopped at the end of the day before the mark of 1.1850. At the same time, it can be assumed that the currency pair was still in the stage of formation of the wave c approaching its completion, in b, in c, in a, in (C). If this is the case, then practically from the high of the past day, or a little higher, the currency pair will resume the decline of quotations, thus denoting the beginning of the future wave c, in c, in a, in (C).

Targets for a downward wave option:

1.1736 - 38.2% by Fibonacci

1.1666 - 23.6% by Fibonacci

Targets for an upward wave option:

1.1850-1.1900

General conclusions and trading recommendations:

The construction of the downward trend section continues. The assumed wave b, in c, in a, in (C) nevertheless resumed its construction. If this assumption is correct, then the quotes increase will continue with the targets located between the levels of 1.1850 and 1.1900, after which the decline in quotations may resume with the targets located near the estimated marks of 1.1736 and 1.1666, which corresponds to 38.2% and 23.6% in Fibonacci, and below.