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Analysis of wave counting:
The publication of the ECB December meeting protocol provoked another wave which strengthens the euro and failed to continue its decline during yesterday's trading session. It reached the level of 1.2060 at the end of the day. It can be assumed that despite the price increase of almost 130 pp, the currency pair still remained in the stage of formation of the wave b, a, c, in the 4th, in A, and in (C). If this is the case, the process of completing the wave a, c, in the 4th, in A, in (C) may resume the downward movement to the level of 1.1875 practically from the high of the past day.
Objectives for building a downward wave:
1.1875 - 61.8% Fibonacci retracement
1.1825 - 76.4% of Fibonacci
Goals for building an upward wave:
1.2000 - 1.2100
General conclusions and trading recommendations:
The construction of the downward trend section continues. The assumed wave b, at 4, in A, and in (C) has completed its formation. If this assumption is correct, the decline in quotations will resume with targets near the estimated levels of 1.1875 and 1.1825, which corresponds to 61.8% and 76.4% Fibonacci, and lower. Unsuccessful attempt to break the mark of 1.1916 led to the withdrawal of quotations from the achieved lows.InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.
