Analysis of wave counting:
The EUR/USD pair continued the development of the uptrend during the trading session yesterday. In the second half of the day, they were able to work out the level of the 19th figure. In this case, the internal wave structure of the wave c, in b, in c, in a, in (C) took a completely completed form. If this is the case, the whole wave b, in c, in a, in (C) will not have a more complicated form. The divergence of the MACD indicates the existing probability of the high in the past day or after the price has risen to the level of 1,1920. The currency pair will resume the decline of quotations, going into the stage of forming the future wave within c, in a, in c and in (C).
Objectives for building a downward wave:
1.1736 - 38.2% by Fibonacci
1.1666 - 23.6% Fibonacci retracement
Goals for building an upward wave:
1.1850-1.1900
General conclusions and trading recommendations:
The construction of the downward trend section continues. The assumed wave b, in c, in a, in (C) resumes its construction. If this assumption is correct, then the increase of quotes will continue with the targets located between the levels of 1.1850 and 1.1900. After which, the decline in quotations may resume with the targets located near the calculated marks of 1.1736 and 1.1666, which corresponds to 38.2% and 23.6% in Fibonacci, and below.
