Analysis of wave counting:
Last Friday, the trading of the EUR / USD pair began with the continuation of the upward movement which began on the eve of the day, adding about 80 pp in price and reached the level of 1.1985 in the middle of the day. Thus, with some stretch, we can assume that the currency pair still remained in the stage of formation of the first generating waves in the future wave (C), thus completing the 4th wave in the 1st, (C). If this is the case, then from the high of the last day of last week, the currency pair will resume its decline to the lower forming line of the rising channel. At the same time, the currency pair retained the potential allowing it to continue the growth of quotations to the level of the 21st figure and further complicate the internal wave structure of the 5th wave, c, c, E, (B).
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 supposed wave (B) may have completed its construction. It is now possible to lower the quotations within the first waves in the future (C) with the first targets located near the calculated marks of 1.1860 and 1.1771, which corresponds to 127.2% and 100.0% of Fibonacci. The wave (B) can once again complicate its internal wave structure.
