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29.04.2019 12:13 PM
Wave analysis of EUR / USD for April 29. There is no reason for strong growth of the euro

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Wave counting analysis:

On Friday, April 26, bidding ended for the pair EUR / USD by 12 bp increase. Such a small increase in the euro currency does not in any way affect the current wave counting. Thus, I still assume the construction of a downward wave 3 with targets located near the levels of 161.8% and 200.0% Fibonacci. At the current time, wave 3 is less than wave 1, which suggests that it will continue to be built. The news background for the tool is still neutral. Reports published from time to time do not always cause a market reaction. Last week there were very few of them, which did not prevent the euro currency from losing 1.5 cents.

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 a downward trend plot against the background of the reluctance of markets to buy euro currency. The current wave counting assumes the resumption of the pair reduction with the closest targets 1.1097 and 1.1045, which equates to 161.8% and 200.0% Fibonacci. Upon completion of the rollback to the top, I recommend selling a pair with these goals.

Chin Zhao,
Analytical expert of InstaForex
© 2007-2024
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