Wave counting analysis:
On Thursday, April 25, trading ended for EUR / USD by another 20 bp decline. Thus, the conclusion about the continuation of the construction of a downward wave 3, in 3 with targets located near the levels of 161.8% and 200.0% of Fibonacci. If the current wave counting is correct, then the prospects for the euro currency are very disappointing, since it is expected to build two more impulse waves within the descending trend section. Accordingly, the instrument can fall down to price parity. On the other hand, the news background for the pair still remains neutral, although the Eurocurrency does not require news to continue its decline. Today, there will be interesting data on the GDP of America.
Sales targets:
1.1097 - 161.8% Fibonacci
1.1045 - 200.0% Fibonacci
Purchase goals:
1.1324 - 0.0% Fibonacci
General conclusions and trading recommendations:
The pair has resumed the construction of the downside part of the trend against the backdrop of the reluctance of markets to buy Eurocurrency. The current wave counting suggests a reduction in the pair with the nearest targets 1.1097 and 1.1045, which equates to 161.8% and 200.0% Fibonacci. Thus, it is recommended to sell a pair for these purposes.
The material has been provided by InstaForex Company - www.instaforex.com