Analysis of wave counting:
In general, as expected, during the yesterday's trading, the EUR/USD pair continued to develop a downward movement and, having lost in price more than 60 percentage points, at the end of the day was able to work out the mark of 1.2220. At the same time, it can be assumed that the currency pair was in the final stage of formation of the wave a, in c, in a, in B, in (C) taking the form of a five-wave structure. If this is the case, before the turn and mark the beginning of the future wave b, in c, in a, in B, in (C), the currency pair may continue to decline quotations and test the level of the 22nd figure.
Targets for a downward wave option:
1.2204 - 161.8% by Fibonacci
Targets for an upward wave option:
1.2461 - 76.4% by Fibonacci
1.2530 - 100.0% by Fibonacci
General conclusions and trading recommendations:
Wave marking on the trading instrument continues to become more complicated and tangled. The lowering of quotations may continue within wave a, in c, in a, in b, in (C) with targets located near the estimated mark of 1.2204, which corresponds to 161.8% of Fibonacci. After the completion of the construction of this wave is expected to withdraw quotes from the reached lows within the wave b, in c, in a, in B, in (C).
