Analysis of wave counting:
Last week, the currency pair EUR / USD started with an upward movement, having added more than 300 pp in price and broke through the level of the 25th figure on Thursday. The current wave situation allows us to assume that from the minimum of November 7 last year (1.5555), the currency pair moved to the stage of formation of the internal wave structure of the 5th wave, A, (C). If this is so, then based on the internal wave dimension of the 5th wave, A, (C), we can assume that before the Friday session closed, the currency pair remained in the process of forming the 3rd wave, 5th, A, (C), thereby allowing the probability of starting a sufficiently extended downward correction, or from the already reached maximum on Thursday, or after testing the level of 1.2600.
The objectives for the upward wave option:
1.2532 - 200.0% of Fibonacci
1.2600
The objectives for the downward wave option:
1.2000 - 1.2200
General conclusions and trading recommendations:
The instrument continues to build the upward trend section. This week, it is possible to reduce quotations within the wave 4, 5, A, (C) with goals located between 20 and 22 figures. An unsuccessful attempt to reach the mark of 1.2532 warns of the willingness of the instrument to build a downward wave.