Analysis of wave counting:
Having failed to continue the decline that began on the previous day, during the yesterday's European session, the pair EUR / USD resumed the growth of quotations and returned to the level of 1.1825 at the end of the day. Thus, it is possible to assume that the currency pair remained in a stage of formation, accepting more and more difficult form of the 2nd wave in the structure of the future (C). If this is the case, the currency pair still retains the potential for resuming the downward movement or from the highs of the previous day or after the price rises to the marking area of 1.1850-1.1860.
The objectives for the construction of a downward wave:
1.1625 - 100.0% by Fibonacci
1.1565 - 127.2% by Fibonacci
Aims for building an upward wave:
1.1898 - 161.8% by Fibonacci
1.2000
General conclusions and trading recommendations:
The currency pair supposedly completed the wave (B) near the mark of 1.1898. It is now possible to continue the decline in quotations within the first wave as part of the future (C) with targets located near the marks of 1.1625 and 1.1565, which corresponds to 100.0% and 127.2% of Fibonacci (these goals will be further clarified). Correction wave 2, in the future (C) continues its construction and can further complicate its internal structure.