Analysis of wave counting:
As expected, yesterday's breakdown of the level of 1.1950 led to a halt in the development of the upward movement and a subsequent rebound in the EUR/USD pair price by more than 60 percentage points from the highs reached in the middle of the day. In this case, as a result of this decline, the internal wave structure of the wave c, in b, in a, in (C), as well as the wave b, in a, in (C), took an entirely completed form. If this is so, then marking the decline in quotations can be considered as the beginning of the future wave c, in a, in (C), which is also indicated by the current position of the MACD_aka.
Targets for a downward wave option:
1.1736 - 38.2% by Fibonacci
1.1666 - 23.6% by Fibonacci
Targets for an upward wave option:
1.1918 - 76.4% by Fibonacci
1.1946 - 76.4% by Fibonacci
General conclusions and trading recommendations:
The construction of the downward trend section continues. The assumed wave b, in a, in (C) has completed its construction. If this assumption is correct, then the reduction of quotations will continue with the targets located near the calculated marks of 1.1736 and 1.1666, which corresponds to 38.2% and 23.6% of Fibonacci. The divergence of the MACD_aka also indicates an inclination to reduce the pair.
