Analysis of wave counting:
Last week, the pair EUR / USD started with the resumption of the downward movement and reached the level of 1.1670 in the middle of the Friday session. At the same time, it can be assumed that the currency pair was in the formation stage assuming a somewhat more complicated waveform c, a, in the composition of the future wave C, the main downward trend. If this is the case, then practically from the already reached minimum, the currency pair can begin the development of an upward correction and denote the beginning of the wave b, a, C.
The objectives for an upward wave option:
1.1918 - 11.4% of Fibonacci
The objectives for a downward wave option:
1.1510 - 38.2% of Fibonacci
1.1330 - 50.0% of Fibonacci
General conclusions and trading recommendations:
The instrument supposedly completed the construction of the rising wave B, which took a rather complicated form. This week, it is possible to continue the decline in quotes within wave a, C with targets located near the estimated marks of 1.1510 and 1.1330, which corresponds to 38.2% and 50.0% of Fibonacci. Within the corrective wave b, a, C, the quotations may start to move away from the reached lows with the aim of around the mark of 1.1918, which corresponds to 11.4% of Fibonacci.