Wave analysis of EUR/USD for July 3. Wave picture, we assume the growth of Eurocurrency
Analysis of wave counting:
As a result of the previous trading day, the EUR/USD pair lost about 40 basis points, but remained within the framework of the proposed wave 3, in c, in 4. Thus, I expect further quotations increase with targets around 1.1866 and higher. Wave 3, in c, in 4, in turn, can also take the form of a 5-wave structure. At the moment everything looks exactly the same. The lows of May 29 was never penetrated, which retains a good chance of building a full-fledged three-wave structure within wave 4.
Targets for selling:
1.1440 – 323.6% by Fibonacci of the highest order
1.1118 – 423.6% by Fibonacci
Targets for buying:
1.1866 – 100.0% by Fibonacci
1.2072 – 127.2% by Fibonacci
General conclusions and trading recommendations:
The wave counting of the EUR/USD pair implies a continuation of the increase within wave 3, in c, at 4. Thus, it is recommended that you stay in buying and/or gradually build them up with targets located near the estimated marks of 1.1856 and 1.2072, which corresponds to 100.0% and 127.2% of Fibonacci. Return to selling is recommended not before the breakthrough of the minimum expected wave b. In this case, the pair will proceed to build the wave 5 of the descending trend section with the targets, which are about 12 and 11 figures.