Analysis of wave counting:

During the yesterday's trading, the statement by the ECB Board member A. Hansson that the Central Bank can "adjust the communication on monetary policy before the summer" and after September "simultaneously curtail the QE program" led to another round of strengthening the euro and growth of the pair EUR / USD almost to the level of the 23rd figure. At the same time, despite the strong overbought indicators, it can still be assumed that the currency pair remained in the stage of formation of wave b, 4th, A, (C), in which its internal wave с assumed an even longer form. If this is the case, then from the high of the past day, or after the attempt to grow above the level of 1.2300, the currency pair will still execute the turn and will designate the beginning of the future wave c, 4th, A, (C). At the same time, it should be noted that in the case of the development of the upward movement to the level of the 24th figure, the current wave counting of the entire wave A, (C) will require the introduction of appropriate refinements and changes.

The objectives for building a downward wave:

1.2000 - 1.2100

The objectives for building an upward wave:

1.2331 - 323.6% of Fibonacci

General conclusions and trading recommendations:

The construction of the upward wave A, (C) continues. The assumed wave b, 4, A, (C) resumed its construction and once again, greatly complicated its internal structure. If this assumption is correct, then the increase in quotations will continue with the targets near the estimated level of 1.2331, which corresponds to 323.6% of Fibonacci, and higher. After its completion, the quotations are expected to fall in the region of 19 and 18 figures. The wave counting may require adjustments in the near future.