Analysis of wave counting:
During the trades of the last week, the EUR/USD pair continued to develop the upward movement and, having added about 230 pp in the price from the Tuesday low, finished the Friday session above the level of the 19th figure. It can be assumed that the currency pair remained in the stage of formation of the wave b, in a, in C, which, after reaching the level of 1.1945, took a practically completed form. If this is the case, then testing the level of 1.1950 may lead to a reversal and the beginning of the formation of a future wave c, in a, and in C.
Targets for an upward wave option:
1.1900 - 1.2000
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 future C. This week, it is possible to resume the decline in quotes 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 the Fibonacci. The assumed wave b, in C can be completed or is nearing its completion.
