Analysis of wave counting:
Having stood in the range during the Friday's trading, the EUR / USD pair updated the reached minimum of the previous day only in the afternoon and after which, it returned to the level of 1.2250. At the same time, we can assume that after the price has fallen to the level of 1.2205, the currency pair has already completed the formation of the wave c, 4, 5, A, (C). If this is so, then the MACD that has passed into the positive zone indicates the possibility of a currency pair reversal versus the dollar, which in turn will indicate the beginning of the future wave 5, 5, A, (C). At the same time, as noted earlier, the probability of forming the entire wave 4, 5, A, (C) is still preserved in the form of a rather oblique triangle in time.
The objectives for building a downward wave:
1.2224 - 38.2% of Fibonacci
1.2127 - 50.0% of Fibonacci
The objectives for building an upward wave:
1.2500 - 1.2600
General conclusions and trading recommendations:
The construction of an upward wave A, (C), continues, whose internal marking continues to become more complicated. The assumed wave 3, 5, A, (C) has completed its construction. The correction wave 4 assumes a rather complex form and continues to build with targets located near the calculated marks of 1.2224 and 1.2127, which corresponds to 38.2% and 50.0% of Fibonacci. An unsuccessful attempt to reach the mark of 1.2224 may lead to the withdrawal of quotations from the achieved lows.