Analysis of wave counting:
The prolonged stay of the currency pair EUR / USD within the narrow price range ended at the beginning of yesterday's European session by the resumption of the upward movement to the level of 1.1470. The resulting wave situation allows us to assume that the currency pair has significantly complicated the internal wave structure of the wave c, c, c, c, e, c (B). If this is the case, then despite the strong divergence of the MACD, the currency pair may continue to rise in the direction of the next settlement target for the entire wave c, c, c, E, (B); located at 1.11570 -1.1580.
Objectives for a downward wave option:
1.1291 - 100.0% by Fibonacci
1.1184 - 76.4% by Fibonacci
Objectives for an upward wave option:
1.1570 - 161.8% by Fibonacci
General conclusions and trading recommendations:
The currency pair resumed the construction of the wave (B), which takes an even more complicated form. Now, the quotations are expected to increase within the limits of wave c, c, c, E, (B); with targets located near the estimated mark of 1.1570, which is equivalent to 161.8% of Fibonacci. After the completion of the construction of wave E and (B), a prolonged drop in quotations is expected within the framework of the proposed wave (C).
