Analysis of wave counting:
Having started the trading last week with a downward movement, the pair EUR / USD, however, could not gain a foothold under the level of the 17th figure and completed the Friday session near the mark of 1.1760. The resulting wave situation allows us to assume that the currency pair remained in the stage of formation of the 1st wave, in C, probably indicating the beginning of its internal 3rd wave. If this is the case, the currency pair will continue to decline quotations to the level of 1.1600 or to 1.1550. At the same time, it should be noted that if the price rises to the highs of the beginning of the month, the currency pair may return to the formation of the wave c, e, B in an even more complex and extended form in time.
Targets for the upward wave option:
1.1849 - 261.8% by Fibonacci
1.2036 - 300.0% by Fibonacci
Goals for the downward wave option:
1.1547 - 200.0% by Fibonacci
1.1400
General conclusions and trading recommendations:
The instrument supposedly completed the construction of the rising wave B. This week, the increase in quotations may still resume within the complicated wave с, е, В with targets located near the calculated marks of 1.1849 and 1.2036, which corresponds to 261.8% and 300.0% by Fibonacci. If this wave completes its construction, then the instrument will continue to decrease within the framework of wave C with the first targets located about 15 figures.
