Wave counting analysis:
On Tuesday, May 7, trading ended for EUR / USD by 10 bp lower, which in no way affects the current wave counting, which still implies the construction of a downward trend. Doubts in the performance of this option are still associated with the frank reluctance of the markets to continue selling euro currency. The news background for the pair is again neutral. Thus, I recommend considering the peak of the supposed wave 2, 3, 3 as the point from which it is necessary to build on the sales of the pair. A successful attempt to break through this mark will indicate the need to clarify the wave marking.
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 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. This scenario can be hindered by the reluctance of markets to sell a couple further, as well as uncertainty with the trade wars with China and the European Union initiated by Trump.
