Wave analysis of EUR / USD for April 5. News background does not support Eurocurrency


On Thursday, April 4, trading ended for the pair EUR / USD by 10 bp decrease. Thus, the instrument presumably remains within the framework of the upward wave c. However, as before, I warn that a successful attempt to break through the minimum of wave 5 will lead to the complication of the entire downward trend section. The news background puts great importance to the euro. Without it, the currency of the European Union is very difficult to grow. Today, in America, there are data on wages and Nonfarm Payrolls for March. In the case of low values of these reports, the euro can get the necessary market support. However, in any case, I recommend cautious trading in the coming days, especially purchases.

Sales targets:

1.1177 - 100.0% Fibonacci

Purchase goals:

1.1448 - 0.0% Fibonacci

General conclusions and trading recommendations:

The pair supposedly completed the construction of wave b. Now, I recommend buying a pair with targets near the 1.1455 mark, which corresponds to the maximum of wave a, based on the construction of wave c. Purchases should not be large in volume, as the news background may not support the euro both today and in the following days, which may force the markets to switch to new sales.

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