Analysis of wave counting:
After failing once more to gain a foothold above the level of the 19th figure, the EUR/USD pair began to decline from the reached highs (1/1960) and already on Thursday retreated by 150 percentage points to the mark of 1.1810. In this case, the internal wave structure of the wave c, in b, in a, in C, has taken a completely completed form. If this is the case, then practically from the closing levels of the last day of the past week, or after testing the level of 1.2000, the currency pair will resume the decline of quotations, confirming the transition to the stage of formation of the future wave c, in a, in C.
Targets for an upward wave option:
1.1918 - 11.4% by Fibonacci
1.2000
Targets for a downward wave option:
1.1510 - 38.2% by Fibonacci
1.1330 - 50.0% by Fibonacci
General conclusions and trading recommendations:
The trading instrument continues to build the first waves in the future C. This week, it is possible to resume the decline in quotations within the wave c, in a, in C with targets located near the estimated marks of 1.1510 and 1.1330, which corresponds to 38.2% and 50.0% of the Fibonacci. The assumed wave b, in C can be completed or is nearing its completion.