Analysis of wave counting:
The pair EUR / USD started the trading last week with a downward movement, thus it is still unable to test the level of the 13th figure. In this case, despite such a price rebound, it can be assumed that the currency pair has made an attempt to complete the process of forming the waves c, c, e, B; and designate the beginning of the future wave C, as part of the main downward trend. If this is so, and the growth of quotations continues to the level of 1,1500, and if the currency pair will not further complicate the internal wave structure of waves e and B, then the currency pair will resume the decline towards the level of 1,1200.
Objectives for an upward wave option:
1,1471 - 200.0% by Fibonacci
1,1600
Objectives for a downward wave option:
1,1115 - 127.2% by Fibonacci
1,0982 - 100.0% by Fibonacci
General conclusions and trading recommendations:
The tool resumed the construction of wave B. This week, the increase in quotations may continue within the expected waves c, c, e, and B with targets located near the calculated mark of 1.1471, which corresponds to 200.0% Fibonacci, and above about 16 figures. The wave e and B complicated its internal structure. After the completion of this wave, an extended decline is expected within the wave C.
