Analysis of wave counting:
In the course of yesterday's trading, the EUR/USD pair added about 70 pp in price as it was unable to continue its decline and at the end of the day reached the 1.1685 mark . It can be assumed that as a result of such an upward movement, the currency pair still complicated the internal wave structure of the 2nd wave, in a, in a, in the future c, in (C). If this is the case, then, despite the potential for growth to the level of the 17th figure, or to the mark of 1.1735, the currency pair may resume the decline at any time and move to the stage of formation of the third wave,in a, in a , in c, in (C).
Targets for a downward wave option:
1,1556 - 76.4% by Fibonacci
1.1450 - 100.0% by Fibonacci
Targets for an upward wave option:
1.1664 - 38.2% by Fibonacci
1,1705 - 50,0% by Fibonacci
General conclusions and trading recommendations:
The construction of a new downward trend segment is continuing. It is now possible to resume the declining of quotations within wave 3, in a, in a, in, c, in (C) with targets located near the estimated marks of 1.1556 and 1.1450, which corresponds to 76.4% and 100.0% Fibonacci. Within the limits of the correctional wave 2, in a, in a, in c, in (C) (if the wave is not completed), the increase may continue with the targets located near the marks of 1.1674 and 1.1705, which corresponds to 38.2% and 50.0% Fibonacci. The downward movement preserves the prospects of constructing a downtrend section of the trend. An unsuccessful attempt to break the 1.1674 mark may lead to the end of the wave 2 construction.
