07.05.201810:51 Forex Analysis & Reviews: Wave analysis of the EUR / USD currency pair for May 7, 2018

Analysis of wave counting:

Only at the end of Friday's session, the currency pair EUR / USD was able to update the low reached the previous day, having fallen to the level of 1.1910. Thus, the emerging wave situation suggests that the currency pair remained in the formative stage of the increasingly complex form of the wave 5, c, c, B, (C), and still retains the potential for further decline prices to the level of the 18th figure. At the same time, the inability of the currency pair to gain a foothold below 1.1930 may lead to the beginning of the formation of wave d, B, (C), or even to resume growth of quotations within the main upward trend.

The objectives for building a downward wave:

1.1931 - 523.6% of Fibonacci

101800

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. An unsuccessful attempt to break the mark of 1.1931 may lead to the completion of the construction of a downward wave.