Analysis of wave counting:
Only after the price fell below the level of 1.1840, the pair EUR / USD executed a turn and rebounded to 80 pp by the end of the day from the minimum reached in the middle of the European session. Thus, we can assume that, while remaining in the stage of formation of the first generating waves in the composition of the future wave (C), the currency pair denoted the beginning of the 4th wave, 1st, (C). At the same time, the currency pair retained the potential, allowing it to resume growth of quotations to the level of the 21st figure and further complicate the internal wave structure of the 5th wave, c, c, E, (B).
The objectives for building the downward wave:
1.1860 - 127.2% of Fibonacci
1.1771 - 100.0% of Fibonacci
Aims for building an upward wave:
1.2098 - 200.0% of Fibonacci
1.2200
General conclusions and trading recommendations:
The supposed wave (B) may have completed its construction. It is now possible to lower the quotations within the first waves in the future (C) with the first targets located near the calculated marks of 1.1860 and 1.1771, which corresponds to 127.2% and 100.0% of Fibonacci. The wave (B) can once again complicate its internal wave structure. The MACD warns of the willingness of the instrument to build an upward wave.