Article By RoboForex.com
EUR USD, “Euro vs US Dollar”
Eurodollar continues forming the “leg” [c] of Y of (B) of the double zigzag in the wave (B) of [Y]. In the future, the market is expected to continue growing.
Probably, the pair has just finished the wave iii of (c) of [y]. After completing the wave iv of (c) of [y], the market is expected to continue moving upwards.
Pound isn’t moving upwards as fast as other USD currency pairs. Nevertheless, the forecast remains the same: in the future, the market is expected to continue growing in the wave [iii] of C of (2) and reach new local highs.
The pair is forming the sideways wave iv of (iii) of [iii] inside the extension of the larger ascending impulse. After finishing this wave, the market is expected to continue moving upwards.
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A fast decline has once again confirmed the expanded flat in the wave [A] of b of the flat pattern from major timeframes. So, in the nearest future the price is expected to complete the wave 3 of (C) of [A] and the start another local correction.
Yen has finished the wave [iv] of 3 of (C), which may be followed by a fast decline, a new local low, and completion of the wave [v] of 3 of (C).
The pair is growing despite the fact the currency market is moving against the US Dollar. Nevertheless, the price is about to finish the wave [v] of 5 of (A) and then start a large descending correction.
In order to complete the wave [v] of 5 of (A), the pair must make one more ascending movement, probably today. Nevertheless, there is an alternative scenario (colored in gray) with the extension in the wave (iii) of [v] of 5. This scenario may become the main one if the price continues growing very fast.
RoboForex Analytical Department
Article By RoboForex.com
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Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex LP bears no responsibility for trading results based on trading recommendations described in these analytical reviews.