Analysis of wave counting:
During yesterday's European session, the EUR/USD pair began with the expected downward movement and, losing about 70 percentage points closer to the end of trading, the pair reached 1.1720. The resulting wave situation allows us to assume that the currency pair has passed to the final stage of the formation of the wave c, in a, in c, in a, in (C). If this is the case, then the unfolding indicators indicate the likelihood that reaching the level of the 17th figure can lead to a reversal of the currency pair against the dollar, which in turn will indicate the beginning of the future wave b, in c, in a, in (C) .
Targets for a downward wave option:
1.1736 - 38.2% by Fibonacci
1.1666 - 23.6% by Fibonacci
Targets for an upward wave option:
1.1850-1.1900
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, the decline may continue with targets located near the estimated levels of 1.1736 and 1.1666, which corresponds to 38.2% and 23.6% of the Fibonacci within the assumed wave a, c, a, c (C), and below. Stochastic convergence warns of the willingness of the instrument to build an upward wave b, in c, in a, in (C).
