Analysis of wave counting:
While working out the MACD divergence that was outlined earlier, the pair EUR / USD started with a downward movement yesterday, having lost about 100 points from the already reached maximum and broke the level of the 14th figure in the afternoon. It can be assumed that the currency pair has made another attempt to complete the formation of the internal wave structure of the wave c, c, c, c, e, e (B). If this is so, that the currency pair will not further complicate the whole wave с, в с, в с, в Е, в (В); then the marked decrease in quotations may be the beginning of the future wave (C), as part of the main downward trend.
Objectives of a downward wave option:
1.1291 - 100.0% by Fibonacci
1.1184 - 76.4% by Fibonacci
Objectives of an upward wave option:
1.1570 - 161.8% byFibonacci
General conclusions and trading recommendations:
The currency pair resumed the construction of the wave (B), which takes an even more complicated form. Now it is possible to continue increasing quotations within the limits of wave c, c, c, E, (B); with targets located near the estimated mark of 1.1570, which is equivalent to 161.8% Fibonacci. After the completion of the construction of wave E and (B), a prolonged decline in quotations is expected within the framework of the proposed wave (C).
