26.11.201312:12 Forex Analysis & Reviews: Wave analysis of the EUR/USD pair for November 26, 2013

Wave analysis:

During yesterday’s trading session the EUR/USD pair could not develop upward movement, reversing 70 points to the level of 1.3560. Thus, the pair was forming a presumed correctional triangle, trying to complete its next upward pattern. If it is so, then the price may continue decline to the level of 1.3450 and further, to the level of figure 34. Meanwhile, the situation when we may expect the resume of the rise of the quotes more than for 100 points from the reached recently minimum, which in its turn will lead to a more complex inner wave structure of the second wave (or B).

Targets for down wave (probably 3 or C):

1.3356 – 11.4% of Fibonacci

1.3300 – 1.3200

Targets for up wave:

1.3563 – 50.0% of Fibonacci

1.3627 – 61.8% of Fibonacci

Summary and trading recommendations:

The pair continues building the down trend and may make more complex the corrective wave 2 or B. In terms of down wave, presumably 3 or C, may start decline with targets placed near calculated level of 1.3356, which is equal to 11.4% of Fibonacci and lower to figures 33 and 32. If the current wave structure is correct and the wave is not complete, then it will continue its building with targets placed near calculated levels of 1.3563 and 1.3627, which is corresponding to 50.0% and 61.8% of Fibonacci.