Wave analysis of EUR / USD for August 6. The currency pair is ready for a long decline
Analysis of wave counting:
During the trades on Friday, the currency pair EUR / USD lost another 20 percentage points and continues to build the assumed first wave as part of the future wave 5 of the bearish trend section. The minimum wave d, 4, which indirectly indicates the readiness of the pair to further decline. If the current wave counting is correct, then the rollbacks of quotations from the minimum reached can be used to open new sales. An unsuccessful attempt to break the 1.1507 mark may lead to the construction of a corrective ascending wave.
The objectives for the option with sales:
1.1507 – 100.0% of Fibonacci
1.1444 – 127.2% of Fibonacci
The objectives for the option with purchases:
1.1834 – 200.0% of Fibonacci
1.1957 – 161.8% of Fibonacci
General conclusions and trading recommendations:
The correction wave 4 is supposedly completed. So, now I recommend selling the pair with targets located near the calculated marks of 1.1507 and 1.1444, which equates to 100.0% and 127.2% of Fibonacci, within wave 1, 5. Now, the wave 1 looks like it is quite difficult in its internal wave structure and can take an even more complicated look.