Wave counting analysis:
On Tuesday, March 4, trading ended for EUR / USD by another 30 bp decline. Thus, the construction of the estimated wave 5 of the downward trend section continues with minimal targets, located about 12 figures. The upward wave option remains in reserve, if the current wave changes to wave b of the new uptrend trend. However, there is no reason to consider as this choice as the main option. The news background for the pair remains neutral. Tomorrow, the market will know if there are any changes in the ECB's monetary policy, or whether it intends to go in the near future. This information can greatly affect the trading of the instrument.
1.1233 - 100.0% Fibonacci
1.1184 - 127.2% Fibonacci
1.1419 - 0.0% Fibonacci
General conclusions and trading recommendations:
The pair continues to build the estimated wave 5. Thus, I still recommend selling 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 of 28 February. The protective order might go down as the instrument continues to decline.The material has been provided by InstaForex Company - www.instaforex.com