Wave counting analysis:
On Monday, April 27, trading ended for EUR / USD by 40 bp increase. The total growth in the last two days indicates the construction of an internal correctional wave, and after the completion of which, the lowering of the instrument should resume. This is exactly the scenario I expect from the couple this week. The news background remains neutral with a negative color for the euro currency. Today, there will be news on GDP and unemployment in the European Union, which won't remain unnoticed by the market. And today, everything will depend on the positivity of these reports for the euro. If it turns out that GDP for the first quarter will be weaker than the forecast of + 1.1%, then wave 3 can resume its construction today.
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 a downward trend, but a corrective wave is currently developing. The current wave counting assumes the resumption of the pair reduction with the closest targets 1.1097 and 1.1045, which equates to 161.8% and 200.0% Fibonacci. Upon completion of the rollback to the top, I recommend selling a pair with these goals.
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