Wave analysis of EUR / USD for May 9, 2019. The pair is stuck in the 40-point range.

Posted On 09 May 2019

Wave counting analysis:

On Wednesday, May 8, trading ended again for EUR / USD without significant price changes. The pair continues to trade mainly between the levels of 100.0% and 76.4% Fibonacci. And the current wave counting still involves the construction of a downward trend. Since the activity of the markets is now very low, the wave pattern does not change from day to day. News background is also almost absent now. The themes of the trade warrior do not negatively affect the markets yet, although in the future they can still significantly influence the course of the pair. As before, I recommend considering the peak of the supposed wave 2, 3, 3 as the point from which the new downward trend will be built, and the point above which the wave pattern will require additions and corrections.

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 assumes the resumption of the pair reduction with the targets of 1.1097 and 1.1045, which corresponds to 161.8% and 200.0% Fibonacci. The absence of a predisposition of markets for new sales of the pair and their caution hinders the execution of this scenario so far.

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Source:: Wave analysis of EUR / USD for May 9. The pair is stuck in the 40-point range.

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