Analysis of wave counting:
During the trades of the past week, the currency pair EUR / USD began with an upward movement and after an unsuccessful testing of the level of the 24th figure, fell back almost 100 percentage points from the maximum reached on Wednesday. Thus, the emerging wave situation allows us to assume that the currency pair remained in the stage of formation of the internal wave structure of the wave c, a, B, (C). If this is the case, the currency pair may continue the already indicated decline in quotations to the level of 1.2200, or even to 1.2100.
The objectives for the option with an upward wave:
1.2400
The objectives for the option with a downward wave:
1.2032 - 23.6% of Fibonacci
1.1709 - 38.2% of Fibonacci
General conclusions and trading recommendations:
The tool supposedly completed the construction of the upward trend section. The wave b, a, B, (C) is also supposedly completed. If this is the case, then the reduction of quotations will continue with the targets located near the calculated marks of 1.2032 and 1.1709, which corresponds to 23.6% and 38.2% of Fibonacci, within the limits of wave c, a, B, (C).
