Analysis of wave counting:
As expected, last week's EUR / USD pair started with a downward movement, having lost more than 230 percentage points and broke through the level of the 21st figure on Friday, reaching the level of 1.2055. Thus, we can assume that the currency pair remained in the stage of formation, nearing its completion, the wave c, c, B, (C). If this is the case, then an attempt at testing the level of 1.2000 may lead to a price turn against the dollar and the beginning of wave d, B, (C), or even the resumption of the development of the main upward trend.
The objectives for the option with an upward wave:
1.2400 - 1.2600
The objectives for the option with a downward wave:
1.2032 - 23.6% of Fibonacci
1.1709 - 38.2% of Fibonacci
General conclusions and trading recommendations:
The tool supposedly completed the construction of the upward trend section. The wave b, a, B, (C) is also supposedly completed. If this is the case, then the reduction of quotations will continue with the targets located near the calculated marks of 1.2032 and 1.1709, which corresponds to 23.6% and 38.2% of Fibonacci. An unsuccessful attempt to break through the mark of 1.2032 will warn about the tool's readiness to increase.