03.05.201809:31 Forex Analysis & Reviews: Wave analysis of the EUR / USD currency pair for May 3, 2018

Analysis of wave counting:

After the Fed meeting, the pair EUR / USD resumed the development of the downward movement, having lost more than 80 percentage points in price and reached the level of 1.1935 at the end of the day. Thus, it can still be assumed that the currency pair remained in the formative stage of taking the increasingly complex form of the wave 5, c, c, B, (C). If this is so, then after the currency pair managed to gain a foothold under the level of the 20th figure, it opened prospects for further lowering of quotations to the level of 1.180.

The objectives for building a downward wave:

1.1931 - 523.6% of Fibonacci

1.1800

The objectives for building an upward wave:

1.2168 - 300.0% of Fibonacci

1.2200

General conclusions and trading recommendations:

The wave counting on the instrument has undergone certain changes, but involves the construction of a bearish wave set. Now, we expect a further decline in quotes within wave 5, c, c, B, (C) with targets near the estimated mark of 1.1931, which corresponds to 523.6% of Fibonacci, and lower, about 18 figures. The downward corridor preserves the prospect of a tool dropping.