Analysis of wave counting:
As expected, yesterday's EUR/USD pair trades began with a downward movement and, losing more than 70 percentage points in price, tested the level of the 23rd figure in the afternoon. It can be assumed that with such a downward movement the currency pair confirmed the transition to the stage of formation of the first generating waves in the wave c, in c, in a, in b, in (C). If this is true, then the currency pair has good prospects for further lowering of quotations to the level of 1.2200.
Targets for a downward wave option:
1.2204 - 161.8% by Fibonacci
Targets for an upward wave option:
1.2376 - 61.8% by Fibonacci
1.2434 - 76.4% by Fibonacci
General conclusions and trading recommendations:
Wave marking on the trading instrument involves the construction of a downward trend section. The assumed wave b, in c, in a, in B, in (C), most likely, completed its construction between the levels of 1.2376 and 1.2434, which corresponds to 61.8% and 76.4% of Fibonacci. Thus, now it is expected to decrease quotations within the wave with goals located around 22 figures.
