Analysis of wave counting:
Having stood in the range for almost all the past week, the pair EUR / USD managed to add more than 150 pp in price and completed the trading by working off the mark of 1.1940 on Friday. The wave situation formed in this case allows us to assume that as a result of such an upward movement, wave c, e, B assumed the form of an incomplete five-wave structure. If this is the case, then during the development of the 5th wave, in the c, e, e, B, the currency pair can continue the growth of quotations and work out the level of the 20th and possibly the 21st figure.
The objectives for the upward wave option:
1.2036 - 300.0% by Fibonacci
1.2100
Targets for the downward wave option:
1.1547 - 200.0% by Fibonacci
1.1400
General conclusions and trading recommendations:
The instrument resumed the construction of an upward wave B, which takes on an increasingly complex form. This week, the increase in quotes may continue in the context of a complicated wave c, e, B with targets located near the estimated mark of 1.2036, which corresponds to 300.0% of Fibonacci and above about 21 figures. After the completion of the construction of this wave, the instrument will begin to decrease within the limits of wave C with the first targets located around 15 figures.