Analysis of wave counting:
The growth in the number of open vacancies in the labor market in the United States has provided significant support to the dollar, which in turn led to the expected resumption of the downward movement of the EUR / USD pair below the minimum reached on Friday. In this case, the currency pair formed the supposed 1st wave in the future (C) as a full five-wave structure. If this is so, then before specifying the 2nd wave in (C), the currency pair is likely to continue lowering the quotations to the level of the 17th figure, or to the level of 1.1620.
The objectives for building a downward wave:
1.1696 - 100.0% Fibonacci
1.1619 - 76.4% Fibonacci
Aims for building an upward wave:
1.1898 - 161.8% 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 MACD convergence warns of the readiness of the tool to build a correctional wave 2.
