Analysis of wave counting:
The Friday's trading started with the continuation of the upward movement and only after reaching 1.2090, the pair EUR / USD tried to execute the turn and rebounded by more than 40 pp at the end of the day from the maximum reached at the beginning of the European session. At the same time, it can be assumed that despite such a decline, the currency pair remains in the stage of formation of the still not quite completed 5th wave, 5th, c, c, E, (B). If this is the case, the currency pair retained the potential to resume the growth of quotations and test the level of the 21st figure.
The objectives for building the downward wave:
1.1860 - 127.2% of Fibonacci
1.1771 - 100.0% of Fibonacci
Aims for building an upward wave:
1.2098 - 200.0% of Fibonacci
1.2200
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 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. After the completion of the construction of this wave, a long and large-scale decrease in the wave (C) is expected.
