Analysis of wave counting:
Yesterday's trading began with an upward movement as the EUR/USD pair gained around 70 pp. Come second second half of the day, the price returned to the highs reached last Wednesday, located on the approach to the level of the 24th figure. Thus, the situation allows to assume the emerging of the wave while remaining in the stage of wave formation c , in a , in B , in ( C ). The currency pair can significantly complicate its internal wave b. If this is the case, the currency pair may continue to increase the quotes up to the level of 1.2450, although on a more difficult ascending trajectory.
Objectives for building a downward wave:
1,2204 - 161.8% by Fibonacci
Goals for building an upward wave:
1,2414 - 76.4% by Fibonacci
1,2446 - 88.6% Fibonacci retracement
General conclusions and trading recommendations:
Wave marking on the instrument involves the construction of a downward trend section. The assumed wave b, c , a , B , c ( C ) can significantly complicate its internal structure with targets located near the markers of 1.2414 and 1.2466, which corresponds to 76.4% and 88.6% Fibonacci. Further increase in quotations may need to clarify the current wave counting.
