Analysis of wave counting:
During the trades on Friday, the EUR / USD currency pair lost another 120 percentage points. Thus, the conclusion suggests that the construction of the assumed wave 3, 5, continues. An unsuccessful attempt to break the 161.8% of Fibonacci mark can lead to the completion of this wave construction and the transition to the construction of a corrective wave 4. A successful attempt will allow for a further decline in quotations with targets located about 200.0% and 261.8% of Fibonacci, built on the size of wave 4 of the downward trend section.
The objectives for the option with sales:
1.1363 - 161.8% of Fibonacci
1.1272 - 200.0% of Fibonacci
1.1125 - 261.8% of Fibonacci
The objectives for the option with purchases:
1.1834 - 200.0% of Fibonacci
1.1957 - 161.8% of Fibonacci
General conclusions and trading recommendations:
The pair continues to build wave 3, 5, of the downtrend section of the trend. Therefore, I recommend continuing to sell with targets near the estimated marks of 1.1363 and 1.1272, which corresponds to 161.8% and 200.0% of Fibonacci. An unsuccessful attempt to break one of these marks can lead to the withdrawal of quotations from the minimum reached.
The material has been provided by InstaForex Company - www.instaforex.com