Analysis of wave counting:
During the trades on Monday, the currency pair EUR / USD continued to make attempts to form the first wave in the future wave 1, 3, uptrend section of the trend. However, the second attempt to break the 161.8% mark on Fibonacci failed. Nevertheless, there are no visible reasons for continuing the increase in quotations with the target of about 1.1850. When this goal is achieved, it is expected that the quotes will depart from the peaks achieved within the framework of the corrective wave 2, 1, 3, which can confirm the transition of the instrument to the construction of an uptrend in the trend. Leaving the pair at a minimum from May 29 will lead to the complication of wave 2 and the need to supplement the wave counting.
The objectives for the option with sales:
1.1542 - 261.8% of Fibonacci
1.1438 - 323.6% of Fibonacci
The objectives for the option with purchases:
1.1835 - 200.0% of the Fibonacci of the highest order
General conclusions and trading recommendations:
The EUR / USD currency pair continues to build the proposed wave 1, 1. On this basis, it is recommended to continue the cautious formation of purchases with targets located near the calculated mark of 1.1835, which is equivalent to 200.0% of Fibonacci. I recommend returning to sales after the confirmation of the complication of the wave c, 2, that is below the low of May 29.
