Analysis of wave counting:

On the eve of a two-day Fed meeting, the pair EUR / USD took a break and spent the past day in the range, trading near the 1.1950 mark. It can be assumed that the currency pair remained in the stage of formation of the 1st wave, (C), the main downward trend. If this is the case, then the currency pair can continue its decline to the lower forming line of the uplink, which is currently near the level of 1.1800. At the same time, the currency pair retained the potential to resume the growth of quotations, with the prospect of further complicating the internal wave structure of the 5th wave, c, c, E, (B).

The objectives for building the downward wave:

1.1860 - 127.2% of Fibonacci

1.1771 - 100.0% of Fibonacci

Aims for building an upward wave:

1.2098 - 200.0% of Fibonacci

1.2200

General conclusions and trading recommendations:

The supposed wave (B) may have completed its construction. It is now possible to lower the quotations within the first waves in the future (C) with the first targets located near the calculated marks of 1.1860 and 1.1771, which corresponds to 127.2% and 100.0% of Fibonacci. An unsuccessful attempt to break the mark of 1.1860 led to the withdrawal of quotations from the minimum reached. The wave (B) can once again complicate its internal wave structure.