FX.co ★ EUR/USD wave analysis on December 13: Time to sell

The price, as anticipated earlier, has indeed completed its movement in the corrective wave (B). I'll reiterate that there is a possibility that the current segment of the chart for the pair is forming a bearish wave [X]. Judging by the initial part, wave [X] appears to take the form of a standard zigzag (A)-(B)-(C).

Thus, impulse (A) and the upward correction (B) appear completed. Therefore, market participants may expect the development of the final downward wave (C) in the near term. The price in wave (C) is likely to fall into the area of 1.0674. At this level, the magnitude of wave [X] will constitute 61.8% according to the Fibonacci extension from wave [W].

Today, crucial economic news for investors includes crude oil inventories and the interest rate decision. If the values for these indicators are below forecasts, the bearish trend will be strengthened.

In the current situation, opening short positions can be considered with the target of profiting from the decline in impulse (C).

Trading recommendation: Sell at 1.0776, take profit at 1.0674.