Analysis of wave counting:
At the beginning of yesterday's European session, the pair EUR / USD still continued its upward movement and stopped before the mark of 1.1830 at the end of the day. The current wave situation allows us to assume that after August 9 the currency pair remains in the formative stage of a corrective structure that was quite complex and extended in time, as part of the 2nd wave, in the future (C). If this is the case, then from the high of the past day, the currency pair may resume the decline of quotations and designate the beginning of the 3rd wave in (C), in spite of the remaining potential for even more complication of the 2nd wave in (C).
The objectives for the construction of a downward wave:
1.1625 - 100.0% by Fibonacci
1.1565 - 127.2% 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 continue the decline in quotations within the first wave as part of the future (C) with targets located near the marks of 1.1625 and 1.1565, which corresponds to 100.0% and 127.2% of Fibonacci (these goals will be further clarified). Correction wave 2, in the future (C), complicated its internal structure.
