Analysis of wave counting:
Before the forthcoming speech of Fed Chairman Janet Yellen at the annual central bank symposium in Jackson-Hole, the EUR/USD pair will probably not show any significant activity, having spent the whole past day in the range near the level of the 18th figure. At the same time, the prevailing wave situation still allows the assumption that the currency pair remained in the stage of formation, significantly complicating the wave structure of the 2nd wave as part of the future (C). If this is the case, the currency pair can resume the decline of quotations from the current price values or slightly higher.
Objectives for a downward wave option:
1.1625 - 100.0% by Fibonacci
1.1565 - 127.2% by Fibonacci
Objectives for an upward wave option:
1.1898 - 161.8% by Fibonacci
1.2000
General conclusions and trade 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 region 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) continues its construction and can further complicate its internal structure.
