Analysis of wave counting:
In the middle of yesterday's trading, the pair EUR / USD resumed the upward movement, adding more than 80 pp in price and repeatedly broke through the level of the 23rd figure at the end of the day. The resulting wave situation allows us to assume that the currency pair can significantly complicate the internal wave structure of the 5th wave, 3rd, 5th, A, (C) of the entire uptrend, which has been further developed from the minimum of the beginning of January last year. If this is the case, until the ECB meeting on Thursday, the currency pair will continue to rise in quotations to the level of the 24th figure, or even to the level of 1.2475.
The objectives for building the downward wave:
1.2000 - 1.2100
The objectives for building an upward wave:
1.2331 - 323.6% of Fibonacci
1.22400
General conclusions and trading recommendations:
The construction of the upward wave A, (C), the internal marking of which has incurred changes, continues. The increase in quotes may continue with targets near the mark of 1.2331, which corresponds to 323.6% of Fibonacci, and above, about 24 figures, within wave 3, 5, A, (C). Within the framework of the correction wave 4, the quotations may start to move away from the peaks reached with targets around 20 figures.
