Analysis of wave counting:
Despite the efforts made during the course of trading in the previous week, the direction of the EUR/USD pair cannot be determined and returned to the levels of Monday's opening till the end of the Friday session. Hence, it can be assumed that the currency pair remained in the stage of formation of the wave c, in a, in C and somewhat complicated its internal wave b, in a. If this is the case, the currency pair retained the potential to continue the decline the quotations in the direction of the level of the 16th, or even 15th figure.
Goals for the option with an upward wave:
1.1918 - 11.4% Fibonacci retracement
1.2000
Targets for a downlink wave option:
1.1510 - 38.2% by Fibonacci
1.1330 - 50.0% Fibonacci retracement
General conclusions and trading recommendations:
The tool continues to build the first wave of the future as part of C. The reduction of quotations within wave within a, in C could continue this week with the targets located near the consolidation levels of 1.1510 and 1.1330, which corresponds to 38.2% and 50.0% Fibonacci. The assumed wave b, in a, in C is completed.