Wave analysis of EURUSD, GBPUSD, AUDUSD on February 08.
The construction of the descending wave lasts longer than was originally intended. In the last section, we see the formation of a downward impulse wave c, which has not yet been completed. Most likely, in the near future a small corrective wave [iv] will be built, after which the movement in the downward direction will continue. Today we should pay attention to the publication of data on the number of initial applications for unemployment benefits at 17:30 GMT Time in the US.
It is very likely that the development of the descending correction wave 4, which took the form of a wave plane, was fully completed. Most likely, in the last section an impulse [i] was built and a correction to it is now being formed [ii]. It is possible that the correction [ii] has already been fully completed, and we will see the price rise within the third wave already in the very near future. If the assumption is true, then today we expect an upward trend. It should be noted that today in the UK at 16:00 GMT Time a number of important news will be published, which will inevitably have a powerful impact on the market, and may contribute to the rise of the currency pair.
The market continues to move in a downward direction, forming a rather long impulse. Judging by its internal structure, the correctional wave 4 has not yet been fully built. In this regard, in the near future, a small corrective recovery is possible, after which we can see a decline in the currency pair within the new downward wave 5. Thus, the downtrend is not yet complete.
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