Analysis of wave counting:
Unable to determine the direction of the movement, during the last day of the previous week, the pair EUR / USD remained within the narrow price range, limited by marks of 1.2315-1.2345. At the same time, it seems that the currency pair was still in the stage of formation of the first generating waves in the wave c, c, a, B, (C). If this is the case, the currency pair may resume the decline at any time, with the prospect of testing the level of the 22nd figure.
The objectives for building a downward wave:
1.2204 - 161.8% of Fibonacci
The objectives for building a downward wave:
1.2376 - 61.8% of Fibonacci
1.2434 - 76.4% of Fibonacci
General conclusions and trading recommendations:
The wave counting on the instrument involves the construction of a downward trend section. The assumed wave b, c, a, B, (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 we expect a decline in quotes within the wave c with a target of about 22 figures.
