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Analysis of wave counting:
Failure to test the level of the 21st figure, the EUR / USD pair trades began yesterday with a downward movement, lost more than 60 percentage points and returned to the level of 1.2000 at the end of the day. Thus, the emerging wave situation suggests that the currency pair has attempted to complete the wave c, in b, in the 4th, in A, in (C) and go to the formation stage of the first generating waves in the future wave c, in the 4- d, in A, in (C). If this is the case, wave c, in b, in the 4th, in A, in (C) does not take the form of a five-wave structure, and the currency pair will continue the already-marked decline in quotations in the direction of the 1.1750 mark.
Targets for building a downward wave:
1.1823 - 50.0% by Fibonacci
1.1759 - 38.2% by Fibonacci
Target 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, in (C) supposedly completed its construction. If this assumption is correct, then the decline in quotes will continue with targets near the estimated levels of 1.1823 and 1.1759, which corresponds to 50.0% and 38.2% Fibonacci, and lower.* The presented market analysis is informative and does not constitute a guide to the transaction.
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