Wave counting analysis:
On Thursday, March 28, trading of EUR/USD ended with another 25 bp loss. Thus, the assumed wave b continues its formation, taking a pronounced three-wave form. The attempt to break the Fibonacci level of 76.4% was successful, hence, the chances that the current upward trend segment remains less and less. It seems that the tool will simply complicate the downward trend. All the waves of the last months are approximately the same in size that makes all wave structures not look like classical impulse or corrective. The news background remains neutral for the pair and it was completely in favor of the euro yesterday since it turned out to be weak from US GDP but this did not help the Euro currency.
1.1177 - 100.0% Fibonacci
1.1448 - 0.0% Fibonacci
General conclusions and trading recommendations:
The pair is supposedly close to completing wave b. Now, I recommend waiting for a new signal to complete the current downward wave. However, it should be recognized that a strong decrease in the instrument significantly reduces the chances of building an uptrend trend. Nevertheless, in any case, the rising wave will be built, which will most likely be commensurate with all previous waves.The material has been provided by InstaForex Company - www.instaforex.com