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Wave counting analysis:
On Monday, May 6, the trading ended for the pair EUR / USD without any changes. The wave pattern of the downward trend is more complicated, but it still implies a decline in the pair. Unfortunately, the news background, which should have caused sales of the instrument, does not attract the attention of the markets. The US dollar, in turn, may not be in demand due to a possible escalation of the trade conflict with China. That is what the words of Donald Trump, who announced the increase in trade duties for Beijing, may lead to. Thus, I believe that the maximum of the supposed wave 2, 3, and 3 can be considered as a certain point, above which, the current wave pattern will require changes and corrections. As a consequence, I recommend waiting for the next reversal down the MACD.
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 implies a continuation of the decline of the pair with the closest targets 1.1097 and 1.1045, which equates to 161.8% and 200.0% Fibonacci. However, this scenario can be hindered by the reluctance of markets to sell the pair further, as well as Donald Trump. Thus, the MACD signal downwards will be regarded as a new sales call. Nevertheless, I recommend selling the pair in small lots.
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