Analysis of wave counting:
Having failed to determine the direction of the movement yesterday, the EUR/USD pair traded within a very narrow range, with a maximum level of price changes of less than 40 pp. At the same time, it is possible to assume that the currency pair continued to make attempts to complete the formation of the wave c, the composition of which takes the form of an inclined correctional structure, waves b, in c, in (C). If this is the case, the currency pair retained the potential to resume the decline in quotations and update the lows reached on 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 period can still continue its construction with targets that are around 17 figures. The downward corridor preserves the prospects of constructing a downward section of the trend.
