Wave counting analysis:
On Wednesday, March 6, trading ended for EUR / USD by a few bp decrease. Thus, the estimated wave 5 continues its construction with a minimum target located about 12 figures. Still, the reserve option remains the transformation of the trend section, which takes off on February 15 in the ascending segment. But now, there is no reason to change the strategy. Today, the ECB will announce the decisions taken during the meeting. There will also be a press conference at which, perhaps, plans for monetary policy for the near future will be announced. This information may affect the movement of the pair.
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 building the downward wave 5 with targets located near the level of 1.1233, which corresponds to 100.0% Fibonacci. During the ECB press conference, the protective order can be moved as close as possible to the price level, as sharp tool movements are possible.
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