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Analysis of wave counting:
Having renewed the lower limit and reached the middle part of yesterday's trading, the EUR/USD pair, however, could not resume the downward movement and returned to the opening level. Moreover, despite the significant decrease in the price from the upper limit that was reached on Friday, we can assume that the currency pair still remained in the formation stage of the 5th wave, in the 5th, in c, in c, in E, in (B ), completing its inner 4th wave. If this is the case, the currency pair retained the potential to resume the growth in prices and still completed the level of the 21st figure.
Objectives for building a downward wave:
1.1860 - 127.2% Fibonacci retracement
1.1771 - 100.0% Fibonacci retracement
Objectives for building an upward wave:
1.2098 - 200.0% by Fibonacci
1.2200
General conclusions and trading recommendations:
The currency pair resumed the construction of the wave (B). It is now possible to resume the increase in prices within the wave 5, in c, in c, in E, in (B) with targets located near the estimated mark of 1.2098. This corresponds to 200.0% of Fibonacci and above the 22 figures approximately. After the completion of the wave formation, a long and large-scale decrease in the wave (C) is expected.InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.
