Analysis of wave counting:

During the final trading session last week, the EUR/USD pair started with an upward movement and closed the day at the 1.1750 mark. It can be assumed that the currency pair continued to form the wave s, c, c, c, e, c, c, e, b (B), in the form of a full five-wave structure. If this is the case, after the breakdown of the upper limit reached on Thursday (1.1775), or after attaining the level of the 18th figure, the currency pair can perform a reversal and, nevertheless, designate the beginning of the future wave (C) of the main downward trend.

Objectives for building a downward wave:

1.1571 - 161.8% of Fibonacci

1.1414 - 127.2% Fibonacci retracement

Goals for building an upward wave:

The currency pair continues to build a wave (B), which takes on an increasingly complex form. It is now possible to continue increasing quotations within the wave of s, in c, in c, in E, in (B) with targets located near the mark of 1.1743. This corresponds to the 200.0% Fibonacci and above the 18 figures. After the wave (B) is completed, an extended decline in quotes within the wave (C) is expected. The upward channel maintains the prospects for increasing quotations.