Article By RoboForex.com
EUR USD, “Euro vs US Dollar”
The EUR/USD pair is still being corrected. It looks like the price is about to finish the wave (ii) during the day. Earlier, after completing the diagonal triangle in the wave (c) of [ii], the market formed the descending impulse in the wave (i). Consequently, in the nearest future the pair may start falling in the third wave.
As we can see at the H1 chart, the price is probably forming the diagonal triangle in the wave c of (ii). Earlier, the pair formed the descending zigzag in the wave b. Consequently, if the market rebounds from the pattern’s upside border during the day, it may start falling in the wave i of (iii).
The GBP/USD pair is being corrected as well. It looks like the price is about to complete the wave [ii] in the form of the flat. It’s highly likely that in the nearest future the market may resume falling in the wave [iii].
As we can see at the H1 chart, the GBP/USD pair is forming the diagonal triangle (c) in the zigzag [ii]. During the day, the price may complete the fifth wave of this pattern. After the market rebounds from the pattern’s upside border and forms the descending impulse, it may resume its descending movement.
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The main scenario still implies that the wave [v] is taking the form of the diagonal triangle. On the minor wave level, the pair is probably completing the fourth wave. As a result, in the nearest future the pair may resume falling in the wave (v) of [v].
As we can see at the H1 chart, the USD/JPY pair is finishing the impulse c in the zigzag (iv). Consequently, in the nearest future the price may start a new decline in the wave a of (v).
The AUD/USD pair is also being corrected. Earlier, the price completed the double zigzag in the wave [ii] and the descending impulse in the wave (i). It’s highly likely that in the future the market may resume falling in the wave (iii) of [iii].
More detailed structure is shown on the H1 chart. The AUD/USD pair is probably forming the diagonal trianglein the wave c of (ii). On Thursday, Earlier, the market may complete the wave [5] and rebound from thetriangle’s upside border.
RoboForex Analytical Department
Article By RoboForex.com
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