Analysis of wave counting:
Yesterday, after a significant drop on Friday, the pair EUR / USD held in a narrow price range, trading near the level of the 18th figure. At the same time, the wave picture, which has not undergone significant changes, still allows us to assume that the currency pair remained in the stage of formation of the first generating waves in the composition of the future wave (C) of the main downward trend. At the same time, under the prevailing conditions, the currency pair retained the potential for further complicating the internal wave structure of the wave c, c, c, e, c (B) and the resumption of the growth of quotations at least to the level of 1,900.
The objectives for building a downward wave:
1.1696 - 100.0% by Fibonacci
1.1619 - 76.4% by Fibonacci
Aims for building an upward wave:
1.1898 - 161.8% by Fibonacci
1.2000
General conclusions and trading recommendations:
The currency pair supposedly completed the wave (B) near the mark of 1.1898. It is now possible to lower quotations within the first waves in the future (C) with targets located near the marks of 1.1696 and 1.1619, which corresponds to 100.0% and 76.4% of Fibonacci. Unsuccessful attempt to overcome the mark of 1.1898 led to the withdrawal of quotations from the peaks reached. The wave E, (B) can completely further complicate its internal wave structure.
