Analysis of wave counting:
Last week, the EUR / USD pair maintained its range, trading between the levels of the 16th and 17th figures. It is possible to assume that the currency is in the stage of formation of the wave c, in a, in C, practically completing its internal wave b. If this is the case, this wave b, in c, in a, in, does not take an even more complicated form, thus the currency pair can resume the decline of quotes to the level of the 15th figure, or even to the mark of 1.1330.
Targets for an upward wave option:
1.1732 - 23.6% by Fibonacci
Targets for a downward wave option:
1.1510 - 38.2% by Fibonacci
1.1330 - 50.0% by Fibonacci
General conclusions and trading recommendations:
The trading instrument continues to build the first wave of the future wave C. This week, it is possible to continue the decline in quotations within the wave c, in a, in C with targets located near the estimated marks of 1.1510 and 1.1330, which corresponds to 38.2% and 50.0% of Fibonacci. The assumed wave b, in a, in C has already been completed. Convergence MACD_aka Warnings of the inclination of the trading instrument to build a new upward wave.
