Analysis of wave counting:
Having started yesterday's European session with an upward movement, the pair EUR / USD was able to add about 60 pp in price and finish the day above the level of the 18th figure. It can be assumed that the currency pair still remained in the stage of formation of the 5th wave, c, a, (C), in which its internal 3rd wave took an even more complicated form. If this is the case, then, despite the opportunities available to transform the entire wave b, (C) into a horizontal correctional structure, the currency pair may resume the decline of quotations at any time, at least to the level of the 16th figure.
The objectives for building the downward wave:
1.1619 - 161.8% of Fibonacci
1.1600
The objectives for building the upward wave:
1.1830 - 38.2% of Fibonacci
1.1880 - 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 lowering of quotations within the limits of wave c, (C) with targets located near the calculated mark of 1.1619, which corresponds to 161.8% of Fibonacci and lower. Wave counting is not entirely unambiguous and may require adjustments. At the moment, the next corrective wave has started its construction with targets near the calculated mark of 1.1830, which is equivalent to 38.2% of Fibonacci.
