Wave analysis of EURUSD, GBPUSD, USDJPY on December 18.
Contrary to the previous expectations, we saw the continued decline in the currency pair within the downward correction wave (2). At the moment, this wave looks like a fully formed zigzag a-b-c, so today we may possibly see the beginning of the upward movement within the wave (3). However, taking into account the fact that no important macroeconomic statistics are expected to be released today, we are likely to see slow and gradual movements of the currency pair, so when buying, you should be extremely cautious, as the market may struggle to move from its place.
Contrary to the expectations in the previous review, the currency pair quickly collapsed within the downward corrective wave [b] (shown in green), and now, according to the current setup, the development of a new upward impulse [c] began. Today, we are unlikely to see any tangible shifts in the movement of prices, but it is quite possible to see a gradual rise in the currency pair within the wave [c] of x. In such a situation, it is possible to open long positions with smaller volumes.
As for the USDJPY, the ascending correction wave X was fully completed, and in the last section we saw the beginning of the downward movement within the new zigzag wave (marked in green). Now the market is in a corrective phase, and currently forms a small upward zigzag (a) - (b) - (c), which is shown in blue letters. After a small decrease in the wave (b), growth in momentum impulse (c) is possible. However, given that today we do not expect the publishing of any important macroeconomic statistics, the market is likely to move in a very slow manner.
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