Analysis of wave counting:
During the trades on Monday, the currency pair EUR / USD rose by 55 percentage points. Thus, the construction of an upward wave, presumably wave 3, a, continues. If this is the case, then an attempt to break the level of 0.0% by Fibonacci will be successful. At the same time, given the unstable news background, the option of complicating the trend section, which starts on August 28, remains. If the second option is executed, then an unsuccessful attempt at a breakthrough of 0.0% will lead to a decrease in quotations to the 1.1500 area at a minimum.
The objectives for the option with sales:
1.1517 - 50.0% of Fibonacci retracement
1.1465 - 61.8% of Fibonacci retracement
The objectives for the option with purchases:
1.1733 - 0.0% of Fibonacci retracement
General conclusions and trading recommendations:
The currency pair is supposedly continuing to build wave 3, a, but the wave pattern continues to get entangled, so now caution is needed in the trade. The rise in quotations may continue within wave 3 with targets near the estimated mark of 1.1733, which corresponds to 0.0% of Fibonacci. The further movement of the pair will depend entirely on whether the attempt to break this mark will be successful.
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