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Wave analysis

04.05.201810:44 Forex Analysis & Reviews: Wave analysis of the EUR / USD currency pair for May 4, 2018

Long-term review

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Analysis of wave counting:

After falling before the mark of 1.11935 yesterday, the pair EUR / USD was still unable to determine the direction of the movement, remaining to the end of the auction near the level of the 20th figure. The resulting wave situation allows us to assume that the foreign exchange attempted to complete the formation of the internal wave structure of the wave 5, c, c, B, (C). At the same time, the currency pair still retains the potential, allowing it to resume the decline in quotes towards the level of 1.1800.

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 it is supposed to build a bearish set of waves. 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.

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