Analysis of wave counting:
During the Friday's trading, the currency pair EUR / USD started with a downward movement, losing about 100 percentage points in price and tested the mark of 1.2250 in the second half of the day. The resulting wave situation allows us to assume that such a dynamic decrease in the currency pair confirmed the transition to the stage of formation of the wave c, c, a, B, (C). If this is the case, after the completion of the expected upward correction, the currency pair will resume the decline of quotations in the direction of the probable calculation target for this wave c, c, a, B, (C) located near the level of 1.2150.
The objectives for building a downward wave:
1.2152 - 100.0% of Fibonacci
The objectives for building an upward wave:
1.2414 - 76.4% of Fibonacci
1.2446 - 88.6% 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) completed its construction near the calculated mark of 1.2414, which corresponds to 76.4% of Fibonacci. It is now expected to continue the downgrade with targets near the estimated level of 1.2152, which is equivalent to 100.0% of Fibonacci, within the wave c, c, a, B, (C).
