Analysis of wave counting:
Yesterday's breakdown of the level of the 17th figure triggered a subsequent rebound in the pair EUR / USD price by more than 70 percentage points, to the level of 1.1760. Thus, it can be assumed that the currency pair has already completed the formation of the 1st wave, in the future (C), while clarifying the wave structure of its internal 5th wave. If this is so, then from the minimum reached yesterday, the currency pair will mark the beginning of the 2nd wave in (C) and will continue to rise in the quotes towards the level of 1.1800.
The objectives for building the downward wave:
1.1696 - 100.0% by Fibonacci
1.1619 - 76.4% by Fibonacci
Goals for the construction of the upward wave:
1.1800
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. The MACD convergence warns of the readiness of the tool to build a correctional wave 2 with goals that are about 18 figures.
