Wave counting analysis:
On Monday, March 4, trading ended for EUR / USD by another 30 bp decline. Thus, the instrument continues to build a new downward wave, presumably 5 in the descending part of the trend. If this is indeed the case, the decline in quotations will continue with targets located about 12 figures below. There is also a possibility that the current wave is the second in the new upward trend section. Thus, until the pair has gone beyond the maximum of wave 4, the downward mood remains. There is no news background for the couple. But according to the ECB meeting, the announcement of rates and a press conference will take place tomorrow.
1.1233 - 100.0% Fibonacci
1.1184 - 127.2% Fibonacci
1.1419 - 0.0% Fibonacci
General conclusions and trading recommendations:
The pair supposedly completed the construction of wave 4. Thus, I still recommend small sales of the pair based on the construction of the downward wave 5 with targets located near the level of 1.1233, which corresponds to 100.0% Fibonacci and a protective order above the maximum 28th of February.The material has been provided by InstaForex Company - www.instaforex.com