Analysis of wave counting:
On the last day of the previous week, the EUR/USD pair continued to develop the upward movement and, under conditions of high volatility of the trades, managed to breakthrough the mark of 1.1675. At the same time, it is possible to assume that the currency pair was in the final stage of the formation of the wave c, in the form of an inclined correction structure of the wave b, in c, in (C). If this is the case, then from the highs reached on Friday, the currency pair may practically resume the decline of quotes and in the long term to update the minimum from November 7 (1.1555).
Targets for a downward wave option:
1,1556 - 76.4% by Fibonacci
1.1450 - 100.0% by Fibonacci
Targets for an upward wave option:
1.1700
General conclusions and trading recommendations:
The construction of a new downward trend segment is continuing. It is now possible to lower quotes within the wave d, in b, in c, in (C) with targets located near the estimated mark of 1.1556, which is equivalent to 76.4% of Fibonacci. Wave c, in b, in c, in (C) for some time can still continue its construction with targets that are around the 17 figures. The downward movements preserves the prospects of constructing a downward section of the trend.
