Analysis of wave counting:
The breakdown at the beginning of the Friday trading in the January high, the currency pair EUR / USD provoked a price rebound from the mark of 1.2555 by more than 160 percentage points and testing the level of the 24th figure at the end of the day. At the same time, it can be assumed that the currency pair completed the first wave and moved to the stage of formation of the wave 2, 5, 5, A, (C). If this is the case, the mark of 1.2340 or even the level of 1.2300 can be considered as a possible calculation target for this wave 2, 5, 5, A.
The objectives for building a downward wave:
1.2344 - 23.6% of Fibonacci
1.2340
The objectives for building an upward wave:
1.2600 - 1.2700
General conclusions and trading recommendations:
The construction of an upward wave A, (C), continues, whose internal marking continues to become more complicated. The correction wave 4 supposedly completed its construction. If this assumption is correct, then the quotes increase will resume within the framework of wave 3, 5, 5, A, (C) with targets that are about 26 figures and higher after the completion of the current correction wave 2.
