Wave analysis of EURUSD, GBPUSD, USDJPY on April 18.
It is likely that for this currency pair the initial diagonal 1 is formed, within which we see the development of a downward corrective wave [iv]. Thus, today there may be a local market decline in this wave. In favour of the decline, the fact that the US and the Eurozone have published mixed macroeconomic statistics also speaks. Positive data on industrial production and the number of new foundations were released in the US, and the ZEW index in the Eurozone in April fell to a minimum over the past 2 years. All this can contribute to the downward movement of the market.
Exactly as expected, the development of the upward impulse wave 5 of (A) was completed, after which we saw the descending movement of the currency pair within the new downward corrective wave (B). Most likely, today we will see a corrective decline. The main event of the day for today will be the publication of the consumer price index at 12:30 GMT Time, this news can significantly affect the market.
Exactly in accordance with previous expectations, we saw the completion of the construction of a downward corrective wave (B), after which the market began to move in a new upward impulse wave (C). Most likely, in the near future the price rise will continue. It is expected to update the maximum formed by the wave (A). Optimism in the US stock market will also contribute to the rise of the currency pair.
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