Wave analysis of EUR / USD for May 14. Mutual introduction of duties of the USA and China is not particularly worried about
May 14, 2019 1:21 pm
Wave counting analysis:
On Monday, May 13, trading ended for EUR / USD by 15 bp decline. However, during the day, the pair had an attempt to break through the previous supposed peak of wave 2. Thus, there is a growing chance that wave 2 will take on a clearly marked three-wave shape or the entire wave marking will change. While the working variant remains the option of building a downward trend, in particular, wave 3, 3, 3. The news background for the EUR / USD pair remains neutral, although the news about the clash between the leaders of the United States and China gets to be heard. However, the market activity on the current instrument is now clearly low, which casts doubt on the influence of the news background on the instrument movement.
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 retains the prospects for building a downward trend. The current wave counting assumes the resumption of the pair reduction with the targets of 1.1097 and 1.1045, which corresponds to 161.8% and 200.0% Fibonacci. The execution of this scenario is hampered by the caution of the markets when selling euros. The second unsuccessful attempt to break through the level of 50.0% indicates the readiness of the tool to build a downward wave. But the MACD indicator cannot yet confirm this readiness.
The material has been provided by InstaForex Company – www.instaforex.com
Wave counting analysis:
On Monday, May 13, trading ended for EUR / USD by 15 bp decline. However, during the day, the pair had an attempt to break through the previous supposed peak of wave 2. Thus, there is a growing chance that wave 2 will take on a clearly marked three-wave shape or the entire wave marking will change. While the working variant remains the option of building a downward trend, in particular, wave 3, 3, 3. The news background for the EUR / USD pair remains neutral, although the news about the clash between the leaders of the United States and China gets to be heard. However, the market activity on the current instrument is now clearly low, which casts doubt on the influence of the news background on the instrument movement.
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 retains the prospects for building a downward trend. The current wave counting assumes the resumption of the pair reduction with the targets of 1.1097 and 1.1045, which corresponds to 161.8% and 200.0% Fibonacci. The execution of this scenario is hampered by the caution of the markets when selling euros. The second unsuccessful attempt to break through the level of 50.0% indicates the readiness of the tool to build a downward wave. But the MACD indicator cannot yet confirm this readiness.
The material has been provided by InstaForex Company – www.instaforex.com
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