Wave marking analysis:
As a result of Friday’s trades the EUR/USD pair continued the development of the inner wave structure of the wave 5 in 5 that emerged earlier. In the afternoon the formation of the 2nd wave in this 5th wave was almost finished. If that proves to be so, the pair will be able to continue the ascending movement towards the supposed target located near the mark 1.3470. At the same time, considering the MACD location within the negative zone, it is possible that another attempt to test the level of figure 34 will be unsuccessful and the price will reverse to downwards. Thus, the whole uprising part of the trend that began on March 15 will be completed.
Targets for the wave 5 in 5:
1.3402 – 261.8% according to Fibonacci
1.3470 – 323.6% according to Fibonacci
Targets for corrective waves against 5 in 5:
1.3334 – 200.0% according to Fibonacci
1.3293 – 161.8% according to Fibonacci
General conclusions and trading recommendations:
Presently the new ascending part of the trend is being formed, apparently within the wave 5. The current ascending movement has targets 1.3402 and 1.3470 corresponding to 261.8% and 323.6% of Fibonacci. The completed uprising channel also indicates the continuation of the upward trend. Nevertheless, as quotes have broken the limits of this channel, it may indicate that the current wave marking should be revised.
