The wave structure of the upward trend section, which started on March 20, looks quite complete and has taken the form of a triple zigzag. The last wave Z may complicate its internal structure, however, I would not recommend considering this option as a working one, until a successful attempt to break through the 0.0% Fibonacci level.

On August 11, the EUR/USD pair lost only a few basis points and thus continues to build the expected first wave of a new downward trend section. The wave structure of the upward trend looks fully completed, which increases the probability of continuing the decline of the instrument with targets located near the 23.6% and 38.2% Fibonacci levels.

On August 10, the EUR/USD pair lost about 50 pips and thus, it continued to build the assumed first wave as part of a new downward trend section. If this assumption is correct (and the wave structure of the ascending part of the trend looks fully completed), then the decline in quotes will continue in the near future with the first targets located near the level of 23.6% and 38.2% Fibonacci.

On August 7, the EUR/USD pair lost about 90 basis points, so there is more and more confidence that the wave 5, 5, C, B is complete. If this assumption is correct, then the decline in quotes will continue within the new downward set of waves with targets located near the Fibonacci levels of 23.6% and 38.2%.

On August 6, the EUR/USD pair gained about 20 pips, but still presumably completed the construction of a 5 in 5 in C in B. Today, August 7, a new departure of quotes from the reached highs began. The current wave markup looks completely complete.