Wave counting analysis:
On Thursday, January 24, trading for EUR / USD ended by 75 bp lower. Thus, such a reduction has led to the refinement of the current wave marking. The segment of the trend, which began on November 12, has been completed. If this is indeed the case, the tool has begun to build a new downward trend segment. Thus, the formation of 1st wave is now observed and the entire trend section can be quite long. Such a scenario slightly contradicts the news background since in the next month or two only negative news from the eurozone will have to come. News will have to support exactly the dollar.
Sales targets:
1.1269 - 100.0% Fibonacci
1.1188 - 127.2% Fibonacci
Purchases targets:
1.1340 - 76.4% Fibonacci
1.1384 - 61.8% Fibonacci
General conclusions and trading recommendations:
The pair allegedly began building a new downtrend trend. Thus, we are in the first wave, which is close to completion. It is corrected, after all, it equals 100.0% and 127.2% Fibonacci.
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