Analysis of wave counting:
With the significant efforts in the course of trading last week, the pair EUR/USD still managed to continue its upward movement and, having added about 150 pp in price, already reached the level of 1.1775 on Thursday. Thus, it can be assumed that the currency pair still remained in the stage of formation even more complicated its wave structure, wave c , in c, in e, in B. If this is so, then despite the strong overbought indicators, the currency pair maintains the potential for continuing the growth of quotations to around 1.1850, or even 1.1960.
Objectives for an upward wave option:
1.1847 - 38.2% by Fibonacci
1.1960 - 300.0% by Fibonacci
Objectives for a downward wave option:
1.1471 - 200.0% by Fibonacci
1.1284 - 161.8% by Fibonacci
General conclusions and trade recommendations:
The instrument continues to build the upward wave of B. This week, the increase in quotes may continue within the assumed wave c, in c, in e, in B with targets located near the estimated marks of 1,1847 and 1,1960, which corresponds to 38.2% and 300.0% of the Fibonacci. The wave e, in B continues to complicate its internal structure. After the completion of this wave, an extended decline is expected within the wave C.
