Analysis of wave counting:

Having found no reason to continue the upward movement, the pair EUR / USD spent the whole last week in the range, remaining mainly between the level of the 20th figure and the mark of 1.1850. The current wave situation, as before, allows us to consider the maximum (1.2090) reached on September 8 as the top of wave c, e, B and the subsequent price decrease as the beginning of the future wave C, as part of the main downward trend. At the same time, the currency pair retains the potential allowing it to resume the growth of quotations and still work out the level of 1.2100 and also significantly complicate the internal wave structure of the 5th wave, c, e, e.

The objectives for an upward wave option:

1.2036 - 300.0% of Fibonacci

1.2100

Goals for a downward wave option:

1.1547 - 200.0% of Fibonacci

1.1400

General conclusions and trading recommendations:

The instrument continues to build an upward wave B, which takes all more complex kind. This week, the increase in quotes may continue in the context of a complicated wave e, e, B with targets located near the estimated mark of 1.2036, which corresponds to 300.0% of Fibonacci and above about 21 figures. After the completion of the construction of this wave, the instrument will begin to decrease within the framework of wave C with the first targets located around 15 figures.