Article By RoboForex.com
EUR USD, “Euro vs US Dollar”
In case of Eurodollar, the correction is getting faster. It looks like Eurodollar continues forming the wave [ii] in the form of the zigzag with the wave (c) inside it. In the nearest future, the market may continue moving upwards.
More detailed structure is shown on the H1 chart. Eurodollar is forming the fourth wave in the wave (c), which may be followed by a new ascending movement inside the fifth wave. The market will start falling in the wave i as soon as the price completes the impulse in the wave (c).
Probably, Pound is about to start forming the extension in the wave (iii). On the minor wave level, the price has completed the descending impulse in the wave i. Right now, the local correction is taking place, which may be followed by a new decline in the wave iii of (iii).
More detailed structure is shown on the H1 chart. After the market opening, Pound completed the wave [5] of i and then started a new correction It’s highly likely that during the day the price may continue moving upwards while forming the wave ii.
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It looks like yen has finished the wave (ii) in the form of the zigzag, Earlier, the price completed the bullish impulse in the wave (i), which may be considered as the start of the new uptrend. To confirm this scenario, the market must form the impulse in the wave i of (iii).
More detailed structure is shown on the H1 chart. The wave (ii) took the form of the zigzag with the triangleb inside it. On the minor wave level, Yen completed the impulse in the wave [1]. Consequently, after finishing the local correction, the market may grow in the wave [3].
In case of Australian Dollar, the correction continues as well. The price formed the descending impulse in the wave [i] and right now is growing in the wave [ii]. The pair may start a new decline as soon as the market finishes the impulse in the wave (c).
As we can see at the H1 chart, the price is about to finish the third wave in the wave (c) of [ii]. On Monday, Australian Dollar may complete the wave [5] of iii and start a new local correction.
RoboForex Analytical Department
Article By RoboForex.com
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