Analysis of wave counting:
After the price rebound to 1.2335 at the beginning of the European session, the currency pair EUR / USD was able to resume the expected downward movement, having lost about 80 percentage points and stopped before the level of 1.2250 at the end of the day. At the same time, it seems that the currency pair still remained in the formation stage of wave a, c, a, B, (C). If this is so, then before the beginning of the future correction wave b, c, a, B, (C), the currency pair can continue to decline quotations up to the level of the 22nd figure.
The objectives for building a downward wave:
1.2250 - 1.2200
The objectives for building an upward wave:
1.2461 - 76.4% of Fibonacci
1.2530 - 100.0% of Fibonacci
General conclusions and trading recommendations:
The wave counting on the instrument continues to become more complicated and tangled. The lowering of quotations may continue within wave a, c, a, b, (C) with targets located between the levels of 1.2250 and 1.2200. The assumed wave b, a, B, (C) has completed its construction. After the completion of the construction of this wave, it is expected to withdraw quotes from the reached minimum within the wave b, c, a, B, (C).
