Analysis of wave counting:
Yesterday's EUR / USD pair trades started from the upward movement, adding about 80 pp in price, and completed the day above the level of the 14th figure. It can be assumed that the currency pair was in the stage of formation of the second wave, in the future (C), which by the close of the American session took a completely completed form. If this is so, and the waves c, c, c, E, (B) will not further complicate its wave structure, then from the maximum of the past day, the currency pair will resume the decline of quotations in the direction of the level of 1,1200.
Objectives for a downward wave option:
1,1291 – 100,0% by Fibonacci
1,1184 – 76,4% by Fibonacci
Objectives for an upward wave option:
1,1414 – 127,2% by Fibonacci
1,1500
General conclusions and trading recommendations:
The currency pair is expected to complete the construction of the wave (B), which took a rather complicated form. Now it is possible to lower the quotations within the first waves in the future (C) with targets located near the calculated marks of 1.1291 and 1.1184, which equates to 100.0% and 76.4% of Fibonacci. Wave E, and (B) can still become more complicated, and the increase in quotes will resume with targets near 15 figures and higher.
