Wave analysis of EUR / USD for May 6. Instead of a fall boost. Aren’t the markets ready to sell euros?
May 6, 2019 9:24 am
Wave counting analysis:
On Friday, May 3, bidding ended for the pair EUR / USD by 30 bp increase. However, this increase in the pair still does not affect the current wave counting, which involves building a downward trend. The news background for the pair remains neutral, with a slight bias in favor of the dollar. However, as shown on Friday’s trading, even with good statistics from America, the markets do not buy the dollar too zealously, given the rather low exchange rate value of the instrument. Thus, the current wave marking cannot be called unambiguous due to the unreadiness of traders to new sales of the instrument. The MACD indicator turned up again. Accordingly, for new attempts at selling the pair, I recommend waiting for the return signal from MACD.
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 continues to build the downward trend. The current wave counting implies a continuation of the decline of the pair with the closest targets 1.1097 and 1.1045, which equates to 161.8% and 200.0% Fibonacci. But this scenario can be hindered by the reluctance of the markets to sell the pair further. Thus, the MACD signal will be regarded as a new approach to sales, but I recommend selling a couple of small lots.
The material has been provided by InstaForex Company – www.instaforex.com
Wave counting analysis:
On Friday, May 3, bidding ended for the pair EUR / USD by 30 bp increase. However, this increase in the pair still does not affect the current wave counting, which involves building a downward trend. The news background for the pair remains neutral, with a slight bias in favor of the dollar. However, as shown on Friday’s trading, even with good statistics from America, the markets do not buy the dollar too zealously, given the rather low exchange rate value of the instrument. Thus, the current wave marking cannot be called unambiguous due to the unreadiness of traders to new sales of the instrument. The MACD indicator turned up again. Accordingly, for new attempts at selling the pair, I recommend waiting for the return signal from MACD.
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 continues to build the downward trend. The current wave counting implies a continuation of the decline of the pair with the closest targets 1.1097 and 1.1045, which equates to 161.8% and 200.0% Fibonacci. But this scenario can be hindered by the reluctance of the markets to sell the pair further. Thus, the MACD signal will be regarded as a new approach to sales, but I recommend selling a couple of small lots.
The material has been provided by InstaForex Company – www.instaforex.com
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