Analysis of wave counting:
Yesterday's testing of the level of the 17th figure led to a rebound in the pair EUR / USD price by more than 70 pp from the minimum reached at the beginning of the European session. The wave situation that forms, in this case, allows us to assume that the wave c, c, a, (C) can take the form of a tapering wedge-like structure. If this is the case, after the completion of the formation of the 4th wave, in this c, c, a, c (C), the currency pair will resume the decline of quotations in the direction of the mark of 1.1665 - 1.1650. At the same time, the apparent divergence of MACD indicates the possibility of initiating a long upward correction, almost from the minimum of the past day.
The objectives for building the downward wave:
1.1664 - 200.0% of Fibonacci
1.1600
Objectives for the construction of the upward wave:
1.1788 - 127.2% of Fibonacci
1.1850
General conclusions and trading recommendations:
The construction of a new downward trend segment. It is now possible to continue the decline in quotations within the wave c, a, (C) with targets located near the calculated mark of 1.1664, which corresponds to 200.0% of Fibonacci and lower about 16 figures. The assumed wave 4, c, c, a, (C) can continue its construction to the mark of 1.1788, which is equivalent to 127.2% of Fibonacci. The MACD convergence warns about the readiness of the tool to increase.
