Analysis of wave counting:
Having lost more than 50 percentage points at the beginning of the Friday's trading, the currency pair EUR / USD spent the rest of the day within a rather narrow price range near the level of the 23rd figure. It can be assumed that the currency pair made attempts to transition to the stage of formation of the first generating waves in the composition of the future wave 3, 5, 5, A, (C). At the same time, the currency pair still retains the potential allowing it to continue reducing quotations to the level of the 22nd figure, so that the wave 4, 5, A, (C) can take the form of a practically horizontal correctional triangle.
The objectives for building a downward wave:
1.2287 - 76.4% of Fibonacci
1.2200
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 increase in quotes may resume within wave 3, 5, 5, A, (C) with targets around 26 figures, if the correctional wave 2 actually completed its construction near the estimated level of 1.2287, which corresponds to 76.4 % of Fibonacci.
