Analysis of wave counting:
Trades on the EUR/USD pair ended on Tuesday with another decline of 100 points, to the target of 261.8% Fibonacci. Based on the current wave counting, it has long been suggested that the completion of wave 5 is complete, in c, but the fundamental data does not allow the market to start buying the pair. The political crisis in Italy, which may even lead to the country's exit from the European Union, may be the main factor in the fall of the euro for several more weeks, until it is resolved. Thus, wave 5 can become more complex and take on an increasingly complex structure.
Targets for selling:
1.1542 - 261.8% by Fibonacci
1.1438 - 323.6% Fibonacci retracement
Targets for buying:
1.1835 - 200.0% of the Fibonacci of the highest order
General conclusions and trading recommendations:
The EUR/USD currency pair continues to build wave 5, in with. Now it is recommended to remain in selling with targets located near the estimated marks of 1.1542 and 1.1438, which corresponds to 261.8% and 323.6% of Fibonacci. Bears continue to dominate the market, so there are no prerequisites for starting the future wave 3 building. And the events in Italy can lead to a further decline in quotes of the pair, despite the apparent completeness of the wave 5.