Analysis of wave counting:
In general, as expected, the trades of the previous week, the EUR/USD pair started with a downward movement and, having lost about 140 percentage points, reached the level of 1.1730 by the end of the Friday session. At the same time, it can be assumed that the currency pair made an attempt to confirm the transition to the stage of formation of the first generating waves in the future wave c, in a, inC. If this is the case, then the currency pair may have good prospects for continuing the decline in quotations in the direction of level 15th figure and further to 1.1400.
Targets for an upward wave option:
1.1918 - 11.4% by Fibonacci
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 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 C can be completed.
