Wave Analysis:
During yesterday’s trading session, the EUR/USD pair was trading in a narrow price range near level of 29 figure. At the same time, despite the rate has made the second unsuccessful attempt to fix under 1.2900, the price came back to day’s lows. Thus, there is a possibility that the pair will continue its downward move. In spite of MACD’s divergence, it will reach the positions, corresponding to the correctional level 50.00% (1.2835).
Targets for Down Wave e:
1.2836 – 50.0% of Fibonacci
1.2758 – 61.8% of Fibonacci
Targets for First Wave of New Uptrend:
1.3011 – 23.6% of Fibonacci
1.3092 – 11.4% of Fibonacci

Summary and Trading Recommendations:
The most probable scenario is prolongation of the correctional trend. Wave e possibly continues building of a downward trend now, where the descending move to 1.2836 and 1.2758 levels can be observed, 50.0% and 61.8% of Fibonacci respectively. After wave e is worked out, we may notice a growth in the terms of wave 1 of the new ascending movement towards 1.3011 and 1.3092, corresponding to 23.6% and 11.4 of Fibonacci. MACD’s convergence points out that the correctional trend or its first wave, which consists of 5 waves, are possibly in imminent completion.