Wave analysis of EURUSD, GBPUSD, USDJPY on May 10.
Most likely, the descending impulse wave [A] is coming to an end. In any case, to consider selling is too late, because the likelihood of a reversal of the downward trend is high. Today we can see the completion of a small lateral correction 4, and the continuation of the downward movement in momentum 5. We should pay attention to the meeting of the Bank of England. At 14:00 Moscow time the decision on the basic interest rate will be published, this news will have an impact on the market.
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.
Judging by the structure of the last section, we see an upward impulse movement. From this we can assume that the correction (4) took the form of a double triplet of a very unusual shape. It turned out to be truncated, because bulls began to pull the price upwards. It is very likely that in the near future a small corrective wave 4 will be built, then growth can be continued. An upward trend in the stock markets will also help raise USDJPY.
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