Article By RoboForex.com
EUR USD, “Euro vs US Dollar”
Just as we expected, Eurodollar continues falling in the large descending impulse in the wave [iii] of 1 of (C).In the nearest future, the market is expected to continue moving downwards.
Most likely, the pair is forming the wave (i) of [iii[ of 1 in the extended wave [iii] of 1 of (C). later, the price is expected to form the local correction (ii) of [iii] of 1.
Most likely, Pound has just finished the impulse (i) of [iii] of 1, which may be followed by the ascending correction (ii) of [iii] of 1.
Pound is moving very slowly and without any serious pullback, which means that the pair has only completed the wave (i) of [iii] of 1 with the extended wave i of (i) of [iii] inside it. In the nearest future, the market is expected to form the ascending correction (ii) of [iii] of 1.
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I’ve changed the chart structure a bit, assuming that after the local low the pair has formed only the impulse[i] of 1 of (3). At the moment, the price is being corrected in the wave [ii] of 1 of (3), which may be followed by a further growth. At the same time, there is an alternative scenario, according to which the wave(2) of [5] is taking the form not of the double zigzag (like right now), but of the flat, which implies a new local low at Y116.13. Despite this, the mid-term forecast remains the same – Yen is expected to continue growing in the wave (3) of [5].
It looks like the price is finishing the wave [ii] of 1 of (3), which may be followed by a significant growth in the wave [iii] of 1 of (3).
The sideways movement of the price with quite fast downside pullbacks have force me to change the chart structure a bit – probably, the pair has just finished the wave [iv] of 3 in the form of the running triangle. In the nearest future, the pair is expected to move upwards in the wave [v] of 3.
Most likely, the pair has finished the descending zigzag (e) of [iv] of 3 and first impulses in the large ascending wave [v] of 3. In the future, the market may continue growing.
RoboForex Analytical Department
Article By RoboForex.com
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