FX.co ★ Wave analysis of EUR / USD for May 24. The strength of the dollar is beyond doubt

Analysis of wave counting:

During yesterday's trading, the EUR / USD pair resumed the formation of the downward trend section. The series of attempts to form a corrective set of waves failed. During the day, the pair declined by 100 points which led to the complication of the assumed wave 5, in c, in 2. Taking into account the breakthrough of the 161.8% mark, the pair still has good chances to reduce to the area of 1.1650 and lower until 15 figures. The wave 5 assumes a more convincing appearance and can complicate its internal wave structure more than once.

Targets for sales:

1.1649 - 200.0% by Fibonacci

1.1636 - 261.8% of the Fibonacci of the highest order

Targets for buying:

1.1835 - 200.0% of the Fibonacci of the highest order

General conclusions and trading recommendations:

Having worked the calculated mark of 1.1835 that corresponds to 200.0% of Fibonacci, the pair resumed the formation of the downward trend section. Thus, it is recommended to continue selling of the pair with targets located near the calculated marks of 1.1649 and 1.1636, which is equivalent to 200.0% and 261.8% of Fibonacci. When combined, these levels form a strong support zone. The breakthrough of this zone will lead to further lowering of quotations. There are no signals during the onset of the purchases formation on the instrument.

* The presented market analysis is informative and does not constitute a guide to the transaction.