Analysis of wave counting:
After sliding from the highs reached in the previous day, the EUR/USD remained in the range the whole day, trading near the level of the 18th figure. At the same time, it can be assumed that the currency pair has made another attempt to complete the formation of the internal wave structure of the entire wave c, in c, in c, in c, in E, in (B) and mark the start of the future wave (C) of the main downward trend. At the same time, the currency pair continues to maintain the potential, allowing it to resume the increase of quotes and still work out another calculation target, located near the level of 1,900.
Objectives for a downward wave option:
1.1696 - 100.0% by Fibonacci
1.1619 - 76.4% by Fibonacci
Objectives for an upward wave option:
1.1898 - 161.8% by Fibonacci
1.2000
General conclusions and trade recommendations:
The currency pair continues to build a wave (B), which takes on an increasingly complex form. Now, it is possible to continue increasing quotations within the wave c, in c, in c, in E, in (B) with targets located near the mark of 1.1898, which corresponds to 161.8% by Fibonacci, and above, around 20 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 rising quotations.
