Wave analysis of the EUR/USD currency pair. Weekly review
Analysis of wave counting:
At the end of last week, the EUR/USD pair still began the expected decline and, having broken through the minimum of October 6 (1.1670), completed the Friday session by finalizing the mark of 1.1575. Thus, it can be can assumed that, having completed the wave b, in a, in C, the currency pair has already designated the start of the future wave c, in a, in C. If this is the case, the currency pair has prospects that allow it to continue the development of the downward movement to the level of the 15th figure, and possibly to the level of 1.1330.
Objectives for an upward wave option:
1.1732 - 23.6% by Fibonacci
Objectives for a downward wave option:
1.1510 - 38.2% by Fibonacci
1.1330 - 50.0% by Fibonacci
General conclusions and trading recommendations:
The trading instrument completed the construction of the rising wave B, which took a rather complicated form. This week, it is possible to continue the decline in prices within the wave c, in a, in C, with targets located near the estimated marks of 1.1510 and 1.1330, which corresponds to 38.2% and 50.0% of Fibonacci. The assumed wave b, in a, in C has already been completed. However, the convergence of MACD_aka warns of the readiness of the trading instrument to build a new upward wave.
