Analysis of wave counting:
With the start of the Friday European session, the pair EUR / USD continued its upward movement and already broke the 1.1830 mark in the middle of the day. At the same time, it seems that the currency pair confirmed the completion of the formation of the proposed 1st wave, in (C) and marked the beginning of the 2nd wave, in (C). At the same time, it should be noted that in the case of a currency pair decline in quotes, the downward movement, which develops from the September 20 high (1.2030), will take the form of a five-wave structure, which will probably require appropriate adjustments to its earlier wave counting.
The objectives for building the downward wave:
1.1707 - 127.2% of Fibonacci
1.1600
Goals for the construction of an upward wave:
1.1826 - 38.2% of Fibonacci
1.1860 - 50.0% of Fibonacci
General conclusions and trading recommendations:
The construction of a new downward trend segment is continuing. It is now possible to resume the decline in quotes within the third wave in the future (C) with targets below the calculated mark of 1.1707, which corresponds to 127.2% of Fibonacci. At the moment, the quotation continues to rise within the framework of constructing a correction wave 2 with targets located near the estimated marks of 1.1826 and 1.1860.
