Analysis of wave counting:
Already for almost a week the EUR/USD pair remains uncertain about the further development of the direction of the movement, and therefore yesterday's trading closed near the opening levels of the Asian session. It can be assumed that the currency pair still remained in the stage of formation of the first generating waves in the composition of the future wave с, in с, in а, in В, in (С). At the same time, the currency pair retains the potential allowing it to resume the upward movement to the level of 1.2450 and thereby further complicate the internal wave structure of wave b, in c, in a, in B, in (C).
Targets for a downward wave option:
1.2204 - 161.8% by Fibonacci
Targets for an upward wave option:
1.2414 - 76.4% by Fibonacci
1.2446 - 88.6% 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) can complicate its internal structure with targets located near the marks 1.2414 and 1.2466, which corresponds to 76.4% and 88.6% Fibonacci. Further increase in quotations may lead to the need to clarify the current wave counting. An unsuccessful attempt to break the mark of 1.2414 could lead to the completion of the construction of this wave.
