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Analysis of wave counting:
At the beginning of yesterday's trading, the currency pair EUR / USD resumed the downward movement, having updated the minimum reached on Tuesday and fell to the level of 1.2160 at the end of the day. Thus, in connection with working out a threefold equality between the dimensions of the wave 1, 3, c, c, a, B, (C), we can assume that the currency pair still completed the formation of the wave 3, c, c, a, B, (C). If this is the case, then from the minimum of last day, the currency pair may pass to the stage of formation of the wave 4, c, c, a, B, (C), with the prospect of growth of quotations to the level of 1.2250.
The objectives for building a downward wave:
1.2152 - 100.0% of Fibonacci
The objectives for building an upward wave:
1.2250 - 1.2300
General conclusions and trading recommendations:
The wave counting on the instrument involves the construction of a downward trend section. The assumed wave b, c, a, B, (C) completed its construction near the calculated mark of 1.2414, which corresponds to 76.4% of Fibonacci. Now, a small departure to the area of 1.2250 is expected, followed by a continuation of the decline with targets near the estimated level of 1.2152, which equates to 100.0% in Fibonacci, within wave 5, c, c, a, B, (C).
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