Analysis of wave counting:
The pre-holiday session is a pre-holiday season, hence, almost the entire Friday last week shows that the EUR / USD pair held within a narrow price range, trading around the 1.1850 mark. At the same time, the wave pattern remained unchanged in a significant way, still allows assumptions that the currency pair will remain in the formation stage of a seemingly incomplete wave с, в b, в с, в а, в (С). If this is the case, the currency pair retained the potential for resuming the upward movement in the direction of the marks 1.1920-1.1930.
Targets for building a downward wave:
1.1736 - 38.2% by Fibonacci
1.1666 - 23.6% Fibonacci retracement
Targets for building an upward wave:
1.1900
1.1918 - 11.4% Fibonacci retracement
General conclusions and trading recommendations:
The construction of the downward trend section continues. The assumed wave b, in c, in a, in (C) continues its construction. If this assumption is correct, the increase in quotes will continue with the targets around 19 figures and to the 1.1918 mark, afterwards the decline in quotations may resume with targets located near the calculated marks of 1.1736 and 1.1666, which corresponds to 38.2% and 23.6% Fibonacci, and lower.* The presented market analysis is informative and does not constitute a guide to the transaction.
