Analysis of wave counting:
The breakdown of the maximum of January 25 (1.2535) triggered a significant drop in the EUR / USD currency pair price at 1.22260 during the trades of last week. It can be assumed that in connection with the achievement (a week earlier) of the level of 1.2555, the currency pair has moved to the stage of formation of the first generating waves in the composition of the future wave 5, 5, A, (C). At the same time, the likelihood of a significant complication of the internal wave structure of the wave 4, 5, A, (C) and the development of the downward movement to the level of the 22nd figure, or even to the lower forming line of the ascending channel.
The objectives for the option with an upward wave:
1.2532 - 200.0% of Fibonacci
1.2600 - 1.3000
The objectives for the option with a downward wave:
1.2224 - 38.2% of Fibonacci
1.2127 - 50.0% of Fibonacci
General conclusions and trading recommendations:
The tool continues to build the upward trend section. The wave 4, 5, A, (C) is supposedly completed. If this is the case, then the increase in quotations will resume within the wave 5, 5, A, (C), located about 26 figures and higher. The upward corridor preserves the prospects for building an uptrend section of the trend. The downward wave 4 can complicate its internal structure.
