Analysis of wave counting:
The attempt to continue the development of the previously identified downward movement failed, and by the end of the last week, the price of the EUR/USD pair rebounded by more than 120 percentage points. from the lows reached on Tuesday (1.1555). At the same time, it is possible to assume that the currency pair remained at the stage of formation that began to complicate wave structure of the wave c, in a, in C. If this is the case, then despite the strong enough divergence of the MACD, the currency pair may resume the decline of quotes, at least to the level 15th figure.
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 waves in the composition of the future 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% Fibonacci. The assumed wave b, in a, in C has already been completed. MACD_aka convergence warns of the trading instrument's preparedness to build a new upward wave, probably in the composition of c, in a, in C.
