Article By RoboForex.com
EUR USD, “Euro vs US Dollar”
At the H4 chart of EUR USD, Eurodollar has formed the descending impulse in the wave [i]. Probably, right now, the price is being corrected. In the nearest future, the market may continue forming the wave [ii], which may be followed by a decline of the pair in the wave [iii] of 3.
More detailed wave structure is shown on H1 chart. At the end of the last week, the market formed the wave(v) of [i]. Probably, the pair is forming the wave (b) in the wave [ii], which is taking the form of the zigzag. On Monday, the current correction may continue.
After finishing the wedge in the wave 1, Pound has started the correction. Probably, the wave 2 is taking the form of the double zigzag with the wave [y] inside it. The pair may reach a new high during the week.
As we can see at the H1 chart, Pound has formed the diagonal triangle in the wave (c) of [x]. Right now, the market is forming the bullish impulse in the wave (a), which may be completed during the day.
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It looks like after completing the wave 4, Yen has started the ascending impulse in the fifth wave. Probably, right now the market is forming the extension in the wave [iii]. Later, the pair is expected to start a new growth in the wave (iii) of [iii].
At the H1 chart, Yen has formed the bullish impulse in the wave (i). During the day, the pair may continue forming the wave (ii), which is taking the form of the zigzag. In the future, the market may break the minimum of the wave a of (ii).
It looks like after finishing the zigzag in the wave 4, Australian Dollar has started forming the descending impulse in the wave 5. On the minor wave level, the market is forming the extension in the wave [iii]. After completing the wave (iv), the pair is expected to start falling in the wave (v) of [iii].
It looks like the wave (iv) is taking the form of the zigzag [2] of i of (iii). In the nearest future, after finishing the wave b, the market may start the wave c of (iv). If the price rebounds from the upper border of the descending channel, it may start moving downwards in the wave (v) of [iii].
RoboForex Analytical Department
Article By RoboForex.com
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