01.05.201809:51 Forex Analysis & Reviews: Wave analysis of the EUR/USD currency pair for May 1, 2018

Analysis of wave counting:

At the beginning of yesterday's European session, the EUR/USD pair began a retreat from Friday's highs and, having lost in price more than 60 percentage points, returned to the level of 1.2065 in the afternoon. At the same time, it can be assumed that the currency pair remained in the formative stage of the beginning of taking the slightly more complicated form of the 4th wave, in c, in c, in B, in (C). If this is the case, the currency pair can resume the growth of quotations in the direction of the level of the 22nd figure before indicating the beginning of the 5th wave, in c, in c, in B, in (C).

Targets for building a downward wave:

1.2050 - 1.2000

Targets for building an upward wave:

1.2168 - 300.0% by Fibonacci

1.2200

General conclusions and trading recommendations:

Wave counting on the trading instrument has undergone certain changes, but involves the construction of a bearish wave set. Quotations are now expected to fall from the reached lows within wave 4, in c, in c, in B, in (C) with targets located near the estimated level of 1.2168, which corresponds to 300.0% Fibonacci, and above, about 22 figures. After the completion of the construction of this wave is expected to decline with targets below 1.2050. Convergence MACD_aka warns of the inclination of the trading instrument to build a bearish wave.