Analysis of wave counting:
Yesterday's decision of the ECB to leave bank rates unchanged triggered the start of the expected downward movement and a fall in the price of the currency pair EUR / USD by almost 150 percentage points, to the level of the 23rd figure. The resulting wave situation allows us to assume that as a result of this decline, the currency pair completed the formation of the wave b, B, (C) and already marked the beginning of the future wave c, B, (C). At the same time, the currency pair kept the potential for growth of quotations to the level of 1.2500 and formation of the wave 4, 5, A, (C) as a more complex correction triangle.
The objectives for building a downward wave:
1.2200 - 1.2100
The objectives for building an upward wave:
1.2400
1.2537 - 261.8% of Fibonacci
1.2600
General conclusions and trading recommendations:
The wave counting on the instrument becomes more complicated. The assumed wave b, B, (C) has completed its construction. If this assumption is correct, then the decline will continue within the wave c, B, (C) or even more complicated wave 4, 5, A, (C) with targets below 22 figures.
