FX.co ★ Wave analysis of the EUR/USD currency pair. Weekly review

Analysis of wave counting:

Trades of the past week the EUR/USD pair began with a slowly developing downward movement and, having lost in price more than 100 percentage point, reached the level of 1.2215 on Friday. The resulting wave situation makes it possible to assume that the currency pair has confirmed the transition to the stage of formation of the future wave c, in a, in B, in (C). If this is the case, then the currency pair has good prospects for lowering quotations to the level of the 21st figure, although on a more complex inclined direction.

Targets for an upward wave option:

1.2400

Targets for a downward wave option:

1.2032 - 23.6% by Fibonacci

1.1709 - 38.2% by Fibonacci

General conclusions and trading recommendations:

The trading instrument supposedly completed the construction of the upward trend section. The wave b, in a, in B, in (C) is also supposedly completed. If this is true, and this wave does not take a more complicated form, then the quotes decrease will continue with the targets located near the estimated marks of 1.2032 and 1.1709, which corresponds to 23.6% and 38.2%.