Wave analysis of the EUR / USD currency pair for September 29, 2017
At the beginning of yesterday's European session, an attempt to resume the development of the downward movement ended in failure and from the 1.1720 mark, the price of the EUR / USD pair rebounded to the level of the 18th figure. The current wave situation allows us to assume that the currency pair has completed the formation of the wave c, 1st, (C) in a somewhat shorter form. If this is so and wave c, 1st, (C) will not further complicate its wave structure, then the currency pair can continue the growth of quotations in the direction of the mark of 1.1850.
The objectives for the construction of the downward wave:
1.1707 - 127.2% of Fibonacci
1.1650
Goals for the construction of the upward wave:
1.1850 - 1.1950
General conclusions and trading recommendations:
The construction of a new downward trend section continues. It is now possible to continue the decline in quotations within the first wave (or third) in the future (C) with targets located near the calculated mark of 1.1707, which corresponds to 127.2% of Fibonacci. It is also possible to raise quotes within the framework of constructing a corrective wave 2 with targets located between 1.1850 and 1.1950 if wave 1 in (C) is completed.
