Wave analysis of EURUSD, GBPUSD, USDJPY on May 08.
It is very likely that the development of the downward impulse wave [C] of IV was completed. Most likely, in the near future we will see the initial part of the new upward trend. Thus, price growth is possible. The situation on the commodity market also contributes to the EURUSD ascent, growth in the metals and energy sectors is observed, which is negative for the dollar, raw materials are quoted in US currency. Oil also storms new highs, all this can speak of a change in the downward trend towards an upward trend.
Apparently, the development of the downward trend was completely completed. In the last section we see the beginning of a new bullish movement. It can take both impulse and corrective form. Long positions can be opened after the markup is confirmed, i.e. when the market will form the first tangible upward momentum and correction to it. In favour of the rise says the situation on the oil market, where there is a price increase. And in view of the strong correlation between GBPUSD and Brent, you can expect an upswing on the pound.
It is likely that the development of an ascending correction wave [B], which took the form of a zigzag, was completed, after which we saw the initial part of a new downward impulse [C]. Within this pulse, waves (1) and (2) were constructed. It is possible that in the near future we will see a decline in the wave (3). Due to the fact that important macroeconomic statistics are not expected today, the market is likely to have quiet movements without sharp leaps.
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