Analysis of wave counting:
During yesterday's trading, the euro paused before today's ECB meeting and until the end of the day the EUR / USD slid slowly from Tuesday's maximum to 1.1510. At the same time, it can be assumed that the currency pair remained in the formation stage assuming an increasingly complex form of wave c, c, c, c, c, e, e, (B). The unfolding indicators indicate the possibility of continuing the beginning of the decline in quotations, which in turn may indicate the beginning of the future wave (C).
Objectives for a downward wave option:
1.1414-127.2% by Fibonacci
1.1291 - 100.0% by Fibonacci
Objectives for an upward wave option:
1.1570 - 161.8% Fibonacci
1.800
General conclusions and trading recommendations :
The currency pair has again resumed the construction of the wave (B), which now takes an even more complicated look. It is now possible to continue raising quotations with targets located near the estimated mark of 1.1570, which is equivalent to 161.8% Fibonacci and above, about 18 figures. An unsuccessful attempt to break the mark of 1.11570 led to the withdrawal of quotes from the peaks achieved, however, this does not mean that the wave (B) has completed its construction.
