Wave marking analysis:
Having completed during the yesterday’s operations the corrective level 61.8% and reached the lower limit of the uprising channel, the EUR/USD pair rebounded from the reached low (1.3160). Thus, the price has managed to complete the formation of the full wave structure of the supposed downside correction within A, B and C waves. If that proves to be so, then the ascending movement is likely to be continued, corresponding to the quotation growth in the area of the figure 35. At the same time, the price is still able to resume the descending movement and the wave 3 (or wave C) will acquire the more complicated and continuous structure.
Having completed during the yesterday’s operations the corrective level 61.8% and reached the lower limit of the uprising channel, the EUR/USD pair rebounded from the reached low (1.3160). Thus, the price has managed to complete the formation of the full wave structure of the supposed downside correction within A, B and C waves. If that proves to be so, then the ascending movement is likely to be continued, corresponding to the quotation growth in the area of the figure 35. At the same time, the price is still able to resume the descending movement and the wave 3 (or wave C) will acquire the more complicated and continuous structure.
Targets for the descending movement within the wave C:
1.3149 – 100.0% according to Fibonacci
1.3098 – 127.2% according to Fibonacci
1.3149 – 100.0% according to Fibonacci
1.3098 – 127.2% according to Fibonacci
Targets for the corrective waves against the current downside part of the trend:
1.3340 – the supposed top of the wave 2 (or wave B)
1.3340 – the supposed top of the wave 2 (or wave B)
General conclusions and trading recommendations:
At the moment the ascending part of the trend completed its formation; the new downward part of the trend began its development, though it is quite complicated to define which wave is presently developing. Thus, it is necessary to wait and consider the situation. The points 1.3149 and 1.3098 are considered as downside targets for the current descending movement, corresponding to 127.2% of Fibonacci. The corrective wave group (A-B-C waves) is likely to be completed in the nearest future followed by a new upward impulse.
At the moment the ascending part of the trend completed its formation; the new downward part of the trend began its development, though it is quite complicated to define which wave is presently developing. Thus, it is necessary to wait and consider the situation. The points 1.3149 and 1.3098 are considered as downside targets for the current descending movement, corresponding to 127.2% of Fibonacci. The corrective wave group (A-B-C waves) is likely to be completed in the nearest future followed by a new upward impulse.
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