Wave analysis of EURUSD, GBPUSD, AUDUSD on March 02.
Yesterday the downward impulse C was totally completed, which marked the completion of the corrective wave (4). From this it follows that the development of an upward impulse wave (5) has already begun, within which a rise in the currency pair is possible in the near future. Thus, in the current situation, it is possible to open long positions.
It is very likely that the construction of a long corrective wave 4, which took the form of a triple zigzag, was completed. Thus, in the near future, we can quite see the beginning of a new impulse trend 5, within which the market will move the next two weeks. It should be noted that today in the UK there will be a number of important events, one of them - the publication of the PMI index for the construction sector for February. Likewise, Teresa May and Mark Carney will deliver speeches, which can significantly influence the market and accelerate price growth.
Most likely, we saw the total completion of the downward corrective wave B, so in the near future the market can start moving in an upward direction, forming a trend C. If the assumption is true, then in the last section we see the first small upward impulse 1, and after forming a small correction to the growth of the currency pair will continue. Thus, with the continuation of the ascent, it is possible to open long positions.
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