Analysis of wave counting:
Despite the "short" inter-holiday last week, the pair EUR / USD was able to add more than 170 percentage points in price and finish the Friday session with a breakdown to the level of the 20th figure. Thus, the emerging wave situation and the accumulated dynamics of the upward movement allow us to consider the entire upward trend of 2017 as an attempt by the currency pair to form a transition to the stage of formation of a multi-year wave (C), in which its internal wave A has acquired signs of an incomplete five-wave structure. If this is the case, then during the completion of the 4th wave, A, (C), the currency pair can make a turn almost from the maximum reached on Friday, with the prospect of lowering the quotations to the level of 1.1500.
Targets for the upward wave option:
1.2000 - 1.2050
Targets for the downward wave option:
1.1510 - 38.2% of Fibonacci
1.1330 - 50.0% of Fibonacci
General conclusions and trading recommendations:
The tool continues to build the first wave in the composition of the future C. This week, it is possible to resume the decline in quotations within the wave s, 4, A, (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 presented market analysis is informative and does not constitute a guide to the transaction.
