FX.co ★ Wave analysis of the EUR / USD currency pair for December 27, 2017

Analysis of wave counting:

Christmas holidays flowing smoothly into New Year, which brings their own specifics in the activity of the market. Therefore, the EUR/USD pair moves within a very narrow range the whole past day, with a maximum amplitude of price changes of only about 30 pp. In this case, the currency pair remained in the stage of formation that is still not yet completed wave с, in b, in с, in а, in (С). If this is so, the currency pair can continue the growth of quotations and work out the mark at 1.1920-1.1930 before the beginning of the future wave c, in c, in a, and in (C).

Objectives for building a downward wave:

1.1736 - 38.2% by Fibonacci

1.1666 - 23.6% Fibonacci retracement

Goals for building an upward wave:

1.1900

1.1918 - 11.4% Fibonacci retracement

General conclusions and trading recommendations:

The construction of the downward trend section continues. The assumed wave b, in c, in a, in (C) resumes its construction. If this assumption is correct, the quotes increase will continue with the targets that are around 19 figures and the mark of 1.1918. After which, the decline in quotations may resume with the targets located near the calculated marks of 1.1736 and 1.1666, which corresponds to 38.2% and 23.6% Fibonacci and lower.