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Wave marking analysis:
On Friday the EUR/USD pair has managed to continue the ascending movement that begun recently. In the course of the Asian session it reached the point 1.3290 having overcome the high of the 3rd wave of the whole uprising part of the trend. Therefore, we can assume that within this part the pair has formed the 5-wave structure which in turn is a part of more complicated correction. Proceeding from the size of this 5-wave structure the targets for its 5-wave structure are seen at the levels of 33 and 34 figures.
Targets for the variant with the wave 5 (supposed):
1.3293 – 161.8% according to Fibonacci
1.3334 – 200.0% according to Fibonacci
Targets for the variant with the beginning of the descending part of the trend:
1.3106 – 76.4% according to Fibonacci
1.3078 – 88.6% according to Fibonacci
General conclusion and trading recommendations:
Corrections of the wave marking indicate that the ascending part of the trend is being formed within the wave 5. Current upward movement has targets 1.3293 and 1.3334 corresponding to 161.8% and 200.0% of Fibonacci. If the current wave marking is true, that the impulse downside movement is likely to resume when the wave 5 is completed renewing the local minimum of the supposed wave 1 or A. Nevertheless, the marking remains quite controversial.
