03.05.201910:01 Forex Analysis & Reviews: Wave analysis of EUR / USD for May 3. Euro is ready to decline, will the news prevent this scenario?

Wave counting analysis:

On Thursday, May 2, the trading ended for the EUR / USD with another decline of 25 b.p. Thus, the conclusion suggests that the pair has moved to the construction of a downward wave 3, which is according to a signal from the MACD indicator. If this is true, then from the current position, the lowering of the instrument will continue with the targets located under the 11th figure. On the other hand, there will be news on unemployment, wages and jobs created outside the agricultural sectors in America today. Meanwhile, in the European Union - inflation. All these data can lead to an increase in the activity of the market and turnaround, since they will not necessarily be in favor of the US dollar. Accordingly, it is necessary to be prepared for an increase in the euro currency, although wave marking implies a further decline. However, the news background will be of overwhelming importance today.

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 section of the trend. The correctional wave is presumably completed. 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. Meanwhile, MACD has turned down, and thus, I recommend selling a pair with defined goals. After lunch, I recommend using orders that limit potential losses, since sharp price reversals are possible.