Analysis of wave counting:
As a result of the previous trading day, the EUR/USD pair lost about 95 basis points. Thus, the supposed wave 4 is likely to get a somewhat shorter view, without a clearly expressed three-wave structure inside. This fact can be ascertained after a successful attempt to break through the minimum of May 29. In this variant, the pair will not have any visible obstacles to further decline within the proposed wave 5 with targets at 1.1438, which corresponds to 323.6% Fibonacci retracement.
Targets for selling:
1.1440 - 323.6% by Fibonacci of the highest order
1,1118 - 423.6% by Fibonacci
Targets for buying:
1.1866 - 100.0% by Fibonacci
1.2072 - 127.2% by Fibonacci
General conclusions and trading recommendations:
The wave counting of the EUR/USD pair is becoming clear. Even today, the mark of 1,1510 may not stand against the onslaught. In this case, it is recommended going back to selling the pair with targets near the estimated marks of 1.1440 and 1.1118, which corresponds to 323.6% and 423.6% of Fibonacci. There are ghostly chances of building a wave 4 still remain., since at least May 29 is not broken, but the probability of execution of this option with every hour falls.
