Analysis of wave counting:
During the yesterday's trading, the currency pair EUR / USD continued its downward movement, losing about 100 percentage points in price and easily overcame the level of the 20th figure, reaching the level of 1.1980. The current wave situation allows us to assume that after April 26, the currency pair completed the wave 4 and moved to the stage of formation of the wave 5, c, c, B, (C). If this is the case, then the internal wave dimension of the entire wave c, c, B, (C), like its own wave 5, may allow the currency pair to continue to decline quotations and test the level of the 18th figure.
The objectives for building a downward wave:
1.1931 - 523.6% of Fibonacci
1.1800
The objectives for building an upward wave:
1.2168 - 300.0% of Fibonacci
1.2200
General conclusions and trading recommendations:
The wave counting on the instrument has undergone certain changes, but involves the construction of a bearish wave set. Now, we expect a further decline in quotes within wave 5, c, c, B, (C) with targets near the estimated mark of 1.1931, which corresponds to 523.6% of Fibonacci, and lower, about 18 figures. The downward corridor preserves the prospect of a tool dropping.