Analysis of wave counting:
Having updated the June maximum last Wednesday, the pair EUR / USD could not develop the emerging success and completed the Friday session near the mark of 1.1470. At the same time, it can be assumed that the working off by the currency pair of the calculated target corresponding to a double equality between waves a and c, e, B, will lead to a price turn in favor of the euro which in turn will mark the beginning of the future wave C, the main downward trend. Despite the strong divergence of MACD, the currency pair retained the potential, allowing it to resume the growth of quotations in the direction of targets located up to the level of the 18th figure.
Targets for an upward wave option:
1.1471 - 200.0% by Fibonacci
1.1600 - 1.1800
Targets for a downward wave option:
1.1115 - 127.2% by Fibonacci
1.0982 - 100.0% by Fibonacci
General conclusions and trading recommendations:
The instrument resumed the construction of wave B. This week, the increase in quotations may continue within the assumed wave c, c, e, B, with targets located near the calculated mark of 1.1471, which corresponds to 200.0 % Fibonacci, and above about 16 and 18 figures. The e, B wave complicated its internal structure. After the completion of this wave, an extended decline is expected within the wave C. The divergence of the MACD warns of a possible withdrawal of quotations from the reached maximum.
