Analysis of the wave counting:
Yesterday's EUR / USD pair trades started with a downward movement, having lost more than 80 pp and reached the level of 1.1730 in the second half of the day. Thus, in connection with the return of the price to the area of the minimums of the past week, the entire decrease in the currency pair from the September 20 maximum (1.2030) can be considered as the process of forming the wave c, a, in the wave (C). If this is the case, then in the process of development of the wave structure of waves c, c, a, c (C), the currency pair will continue to decline quotations at least to the level of 1.1650.
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. Now, it is possible to continue the decline in quotes within the wave c, a, (C) with targets below the calculated mark of 1.1707, which corresponds to 127.2% of Fibonacci. The assumed wave 2, c, c, a, (C) completed its construction near the mark of 1.1826, which is equivalent to 38.2% of Fibonacci.
