Wave analysis of EUR / USD for September 17. The pair remains within the rising wave
Analysis of wave counting:
During the trades on Friday, the currency pair EUR / USD fell by 70 percentage points. Despite this, the pair still remains within the construction of the proposed wave 3, a, of the upward trend section. Much now depends on the nature of the news background and the development of the trade conflict between Beijing and Washington. The results of this conflict can lead to demand for the dollar, and adjustments and additions to the current wave counting will be required. Before the breakthrough of the maximum of the supposed first wave, it is entirely possible to resume the construction of the downtrend section of the trend.
The objectives for the option with sales:
1.1517 – 50.0% of Fibonacci retracement
1.1465 – 61.8% of Fibonacci retracement
The objectives for the option with purchases:
1.1733 – 0.0% of Fibonacci retracement
General conclusions and trading recommendations:
The currency pair presumably continues to build wave 3, a, but the wave pattern gets more confused every day, so now we need caution in trading. The increase in quotes may resume within wave 3 with targets near the estimated mark of 1.1733, which corresponds to 0.0% of Fibonacci. The rest will depend on whether the breakout attempt is successful or not.