Wave analysis of EUR / USD pair for July 17. Meeting of leaders of the US and Russia did not affect the pair

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Analysis of wave counting:

During the Monday session, the EUR/USD pair gained about 20 bp, counting the close of the day. Thus, the pair remains within the framework of the proposed wave 5 of the downward trend section. If this is the case, then the construction of an internal correction wave in the future has begun. On this basis, the decline in quotations should resume in the near future. The absence of breakdown of the maximum wave 4, in 3, the maximum wave a, in 4 indicates the preservation of the downward sentiment in the foreign exchange market. A successful attempt to break through the high of July 9 will require us in refining the wave count.

Goals for sales:

1.1510 – 100.0% by Fibonacci

1.1433 – 127.2% Fibonacci retracement

Goals for shopping:

1.1866 – 100.0% Fibonacci retracements

1.2072 – 127.2% by Fibonacci

General conclusions and trading recommendations:

There is every reason to assume completion of the wave construction at 4th in c. Thus, it is recommended to continue selling the pair with the first targets near the estimated marks of 1.1510 and 1.1433, which corresponds to 100.0% and 127.2% of Fibonacci. Moreover, I recommend buying the pair only after a successful attempt to break the maximum of the assumed wave c at 4th. Then the pair can proceed to a more extensive formation of the ascending set of waves. The material has been provided by InstaForex Company – www.instaforex.com