Analysis of wave counting:
During the trades of the past week, the currency pair EUR / USD began with the resumption of the downward movement and returned to the area of the levels of the 23rd figure only after reaching the mark of 1.2155. The resulting wave situation allows us to assume that the currency pair remained in the formative stage of the receiving oblique correction triangle, the wave 4, 5, A, (C). At the same time, after the price rises to the February 16 maximum (1.2555), the subsequent decline in quotations may be the beginning of the formation of the first generating waves in the composition of the future wave B, (C).
The objectives for the option with an upward wave:
1.2444 - 11.4% of Fibonacci
The objectives for the option with a downward wave:
1.2224 - 38.2% of Fibonacci
1.2127 - 50.0% of Fibonacci
General conclusions and trading recommendations:
The tool continues to build the upward trend section. The wave 4, 5, A, (C) complicated its internal structure and resumed its construction. If this is the case, then after the withdrawal of quotations to the area of the mark of 1.2444, which corresponds to 11.4% of Fibonacci, the decline will resume with targets near the calculated marks of 1.2224 and 1.2127, which is equivalent to 38.2% and 50.0% of the Fibonacci.
