Wave counting analysis:
During Monday's trading, the EUR / USD currency pair lost about 75 basis points from the high of the day. However, the estimated wave C of the corrective set of waves still does not look fully completed and completed. On this basis, the increase in quotations may resume with targets that are near the 100.0% of Fibonacci level. The internal wave structure of wave C has already acquired a rather complex form. An unsuccessful attempt to break through the 100.0% of the Fibonacci mark can lead to the completion of wave C and the entire corrective trend section.
The objectives for the option with sales:
1.1215 - 0.0% of Fibonacci
The objectives for the option with purchases:
1.1471 - 100.0% of Fibonacci
1.1528 - 127.2% of Fibonacci
General conclusions and trading recommendations:
The currency pair continues to be in the framework of the construction of the rising wave C. Thus, today I expect the resumption of the increase with targets located near the estimated levels of 1.1471 and 1.1528, and I recommend cautious and small purchases. A successful attempt to break through the level of 23.6% according to Fibonacci will indicate the pair's readiness to build a new descending wave. However, from the current position, it is more preferable to still raise the tool.
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