Analysis of wave counting:
Most of the time in the past week, the EUR/USD pair stayed in the range near the level of the 19th figure. It resumed the upward movement and reached the level of 1.2090 at the end of the Friday session. Hence, it is can be assumed that the currency pair will maintain its condition as it forms a more complex pattern in the 5th wave in c, in e and in B, despite the fairly strong divergence of the MACD indicator. If this is the case, a breakdown at the level of 1.2100 may lead to a reversal and development of an extended downward correction, and the possibility of a formation possibly of the future wave C, as part of the main downward trend.
Goals for the option with an upward wave:
1,2036 - 300,0% by Fibonacci
1,2100
Targets for a downlink wave option:
1.1547 - 200.0% by Fibonacci
1,1400
General conclusions and trading recommendations:
The tool continues to build the rising wave B which takes on an increasingly complex form. The prices may continue in the framework of the complicated wave with e and in B with targets calculated around the level of 1.2036 corresponding to 300.0% Fibonacci and above about 21 pips. After the completion of the construction of this wave, the instrument will begin to decrease within the limits of wave C with the first targets located around 15 figures. The divergence in of the MACD signals the readiness of the tools to reduce quotes.
