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Wave analysis for EUR/USD on May 1. Eurozone GDP grew by 1.2% in the first quarter


Wave counting analysis

On April 30, trading ended for the EUR/USD pair with an increase of 55 bp. Thus, the euro has been growing for the third day in a row, and the internal corrective wave 3 turns out to be very long. The MACD indicator shows growth and passed the zero mark. I am waiting for a signal from this indicator in the form of a reversal downward, which will lead to the conclusion about the completion of the construction of the upward wave. This moment may be the beginning of the resumption of the construction of wave 3. But at the time of the reversal, it is of great importance how high the euro will soar. While this signal is not available, I do not recommend selling a pair. The news background supported the euro yesterday. Today, it can create pressure on this currency, as news on business activity indices will come out, and the results of the Fed meeting will also be known.

Sales targets:

1.1097 - 161.8% of Fibonacci

1.1045 - 200.0% of Fibonacci

Purchase goals:

1.1324 - 0.0% of 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 at 1.1097 and 1.1045, which is equal to 161.8% and 200.0% Fibonacci. Upon completion of the rollback to the top, I recommend selling a pair with these goals. A signal to sell will make a turn down MACD.

The material has been provided by InstaForex Company -