Wave counting analysis:
On Friday, March 1, bidding ended for EUR / USD with a couple of bp decrease. Thus, the wave pattern does not require any additions or corrections. And, accordingly, it remains unchanged - wave 4 can be completed, and if this is the case, the decline in quotations will continue from the current positions within the framework of the future wave 5 of the downward trend. The news background on Friday is composed of several information. News from America about business activity indices did not form dollar buyers, but inflation in the EU did not make euro buyers happy. Immediately, two unsuccessful attempts to make a breakthrough level of 61.8% Fibonacci indirectly indicate the pair's readiness to decline.
1.1228 - 0.0% Fibonacci
1.1408 - 61.8% Fibonacci
1.1448 - 76.4% Fibonacci
General conclusions and trading recommendations:
The pair allegedly completed building wave 4 near the Fibonacci level of 61.8%. Thus, I recommend small sales of the pair, based on building a downward wave 5 with targets located near the level of 1.1230, which corresponds to 0.0% Fibonacci, and a protective order above the level of 61.8%. Small - until wave 5 is developed.The material has been provided by InstaForex Company - www.instaforex.com