Analysis of wave counting:
A new aggravation of the geopolitical situation in the Far East triggered another round of the weakening of the dollar at the beginning of yesterday's trading and led to the growth of the EUR / USD pair to the level of 1.2070. The wave situation formed in this case allows us to consider the entire upward movement from the minimum of Friday (1.1775) as the process of formation of the strongly extended form of the third wave, 5th, c, c, E, (B). If this is the case, the decline in quotes that began yesterday may turn out to be the start of the 4th wave, 5th, c, c, E, (B), whose calculated targets are located at the level of the 19th figure.
The objectives for the construction of the downward wave:
1.1860 - 127.2% of Fibonacci
1.1771 - 100.0% of Fibonacci
Goals for the construction of the upward wave:
1.2098 - 200.0% of Fibonacci
1.22200
General conclusions and trading recommendations:
The currency pair resumed the construction of the wave (B). It is now possible to continue increasing quotations within wave 3, 5, c, c, E, (B) with targets located near the estimated mark of 1.2098, which corresponds to 200.0% of Fibonacci and above about 22 figures. At the moment, it is possible to withdraw quotes from the peaks reached within the proposed wave 4, 5, c, c, E, (B).
