Analysis of wave counting:
Before the end of the two-day Fed meeting, the EUR/USD pair was uncertain in the direction of the movement that caused volatility but it was fixed near the level of the 20th figure at the end of yesterday's trading session. Amid the situation of uncertainty, the prevailing wave pattern opens the possibility for the entire downward movement to reach the maximum level from September 8 and impede the completion of the correction in an increasingly complex 5th wave, in c, in c, in E, in ( B ). At the same time, the currency pair retains the potential of the continuation of the decline in prices and confirms the transition to the stage of generating the first wave formation in the composition of the wave ( C ) of the main downward trend.
Objectives for building a downward wave:
1.1860 - 127.2% Fibonacci retracement
1.1771 - 100.0% Fibonacci retracement
Goals for building an upward wave:
1,2098 - 200,0% by Fibonacci
1.2200
General conclusions and trading recommendations:
It is possible for the assumed wave (B) to complete its structure. It is now probable for the quotations to decline within the first waves in future (C). The initial targets are located near the estimated levels of 1.1860 and 1.1771, which corresponds to 127.2% and 100.0% of Fibonacci. The unsuccessful attempt to break the level of 1.1860 resulted in the decline of quotations from the minimum level reached.
