Analysis of wave counting:
All day, the EUR/USD pair held within a fairly narrow price range, trading around the level of the 16th figure. It is possible to assume that the currency pair remained in the initial stage of the formation of the internal wave structure of the third wave, in a, in a, in c, in (C). If this is the case, the 2nd wave, in a, in a, in c, in (C) still does not take an even more complicated form, then the currency pair's quotations may continue to decline in the direction of the marks 1.1550 - 1.1450.
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 continue the decline in quotes 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. An unsuccessful attempt to breach the 1.1674 mark allegedly led to the completion of wave 2, in a, in a, in c, in (C). The downward movement preserves the prospects of constructing a downward section of the trend. Convergence MACD_aka warns of possible retreat of quotes from the reached lows.
