Analysis of wave counting:
Trades of the pre-Christmas week began with an upward movement for the EUR/USD pair which already rolled back on Wednesday to the 19th figure. Thus, it can be assumed that the currency pair remained in the stage of wave formation in a, c, a, and c, which considerably complicating its internal wave b. If this is the case, the currency pair will resume the decline of quotations in the direction of targets for the entire wave a, c, a, and c, located at the level of the 16th, or even the 15th figures, after reaching the maximum level or slightly higher.
Goals for the option with an upward wave:
1.1918 - 11.4% Fibonacci retracement
1.2000
Targets for a downlink wave option:
1.1510 - 38.2% by Fibonacci
1.1330 - 50.0% Fibonacci retracement
General conclusions and trading recommendations:
The instrument continues to build the first wave of the future as part of the C. The reduction of quotations within wave a and C could be continued with the targets located near the settlement marks 1.1510 and 1.1330, which corresponds to 38.2% and 50.0% Fibonacci. The assumed wave b, in a, in C has been completed.
