Wave analysis of EURUSD, GBPUSD, USDJPY on March 12.
Most likely, the market is forming at the moment corrective wave IV, which takes the form of a triple three with a slight downward slope. Now we see the construction of a descending zigzag [Z] of IV, within which a small upward correction (B) develops. After the completion of this correction, the decline will continue within the bearish wave (C). Due to the lack of important macroeconomic statistics today, rather slow movements of the currency pair are expected.
Most likely, a downward corrective wave of a ligament (x) was completely constructed, after which the market has already started to move in an ascending direction, forming a combination of zigzags. Thus, it is very likely that this week we will see a rise in the currency pair. In this situation, it is possible to open long positions.
Most likely, the global downward wave C of the triangle ABCDE, formed on the older time frames, was totally completed. Thus, the market can now be in the initial part of a new uptrend. Presumably, we see an upward impulse within which a wave (3) is now forming. In the near future, the price may rise.
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