Analysis of wave counting:
At the beginning of yesterday's European session, the pair EUR / USD continued to develop a downward movement, having lost more than 50 pp and reached the level of 1.1915 in the second half of the day. The resulting wave situation allows us to assume that the currency pair has confirmed the transition to the stage of formation of the future wave c, 4th, A, (C). If this is the case, then a strong oversold indicator indicates that near the yesterday's minimum, the currency has completed the wave a, a, c, 4th, A, (C) and now can denote the beginning of the wave b, a, c, 4th, A, (C).
The objectives for building the downward wave:
1.1875 - 61.8% of Fibonacci
1.1825 - 76.4% of Fibonacci
The objectives for building an upward wave:
1.2000 - 1.2100
General conclusions and trading recommendations:
The construction of the downward trend section continues. The assumed wave b, 4, A, (C) has completed its construction. If this assumption is correct, then the decline in quotations will continue with the targets near the estimated levels of 1.1875 and 1.1825, which corresponds to 61.8% and 76.4% of Fibonacci, and lower. The unsuccessful attempt to break the mark of 1.1916 may lead to the withdrawal of quotations from the achieved lows.