Analysis of wave counting:
At the beginning of yesterday's trading, working off the mark of 1.1775 led to a rebound in the pair EUR / USD price by almost 130 percentage points from the reached maximum. The current wave situation allows us to assume that by such a descending movement, the currency pair has attempted to complete the process of forming the wave c, c, c, c, c, c, e, c (B). At the same time, despite the unfolding indicators, the currency pair can resume the growth of quotations, at least to the level of the 18th figure. As a result of which, the wave c, c, c, c, c, c, c, e, (B), will take the form of a full five-wave structure.
Objectives for a downward wave option:
1.1571 - 161.8% by Fibonacci
1.1414 - 127.2% by Fibonacci
Objectives for an upward wave option:
1.1743 - 200.0% by Fibonacci
1.1800
General conclusions and trading recommendations:
The currency pair continues to build the wave (B), which takes an increasingly complex form. It is now possible to continue increasing quotations within the wave c, c, c, E, (B) with targets located near the mark of 1.1743, which corresponds to 200.0% Fibonacci, and above about 18 figures. After the wave (B) is completed, an extended decline in quotes within the wave (C) is expected. The upward corridor preserves the prospects for increasing quotations. An unsuccessful attempt to break the mark of 1.1743 may lead to the completion of the entire wave (B).
