Analysis of wave counting:
For most of the past day, the pair EUR / USD continued the development of the downward movement, which began on September 22 and was able to finish the mark of 1.1720 near the end of the trading. At the same time, it can be assumed that the currency pair still remained in the formative stage of the slightly oblong wave c,1st, (C). If this is the case, then the unfolding MACD indicates the possibility that from the yesterday's low or after testing the level of the 17th figure, the currency pair will still execute the turn, thus indicating the beginning of a sufficiently extended upward correction.
The objectives for building the downward wave:
1.1707 - 127.2% of Fibonacci
1.1650
Objectives for the construction of the upward wave:
1.1900 - 1.1950
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 waves in the future (C) with the first targets located near the calculated mark of 1.1707, which corresponds to 127.2% of Fibonacci. An unsuccessful attempt to break the 1.1707 mark may lead to the withdrawal of quotations from the minimum reached. A small convergence warns of the willingness of the instrument to raise quotes.
