Analysis of wave counting:
In the course of yesterday's trading, the pair EUR / USD continued to develop a downward movement, having lost about 100 points from the Asian session's maximum and worked at 1.1760 in the second half of the day. The current wave situation allows us to assume that after the currency pair has reached the equality between waves a and c, 1st, (C), the price can begin the process of forming an upward correction in the direction of the mark of 1.1850 and possibly 1.1950. At the same time, as noted earlier, the currency pair retained the potential for the resumption of the growth of quotations with the prospect of further complicating the internal wave structure of the 5th wave, c, c, E, (B).
The objectives for building the downward wave:
1.1776 - 100.0% of Fibonacci
1.1700
Objectives for the construction of an upward wave:
1.1850 - 1.1950
1.22200
General conclusions and trading recommendations:
The upward wave (B) has supposedly completed its construction. It is now possible to continue the reduction of quotations within the first wave of the future (C) with the first targets located near the calculated marks of 1.1836 and 1.1776, which corresponds to 76.4% and 100.0% of Fibonacci. An unsuccessful attempt to break the 1.1776 mark suggests the readiness of the tool to build a corrective wave.
