Analysis of wave counting:
The attempt to continue the development of the downward movement ended on Friday with a failure and after the reduction to the area of 1.22270, the currency pair EUR / USD completed the day near the level of the 23rd figure. Thus, the emerging wave situation suggests that the currency pair confirmed the transition to the stage of formation of the wave c, a, B, (C), probably completing its internal wave a. At the same time, the likelihood of the currency pair's renewal of the quotations to 1.2500, with the prospect of forming the wave 4, 5, A, (C) in the form of a more complex correction triangle, has not lost its relevance.
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, a, B, (C) has completed its construction. If this assumption is correct, then the decline will continue within the wave c, a, B, (C) or even more complicated wave 4, 5, A, (C) with targets below 22 figures.
