Wave analysis of EURUSD, GBPUSD, AUDUSD on February 20.
Most likely, the descending correctional wave 4, which takes the form of a simple zigzag, is coming to an end. It is very likely that after a small downward movement, the entire wave 4 will be fully completed, then we will see the beginning of the upswing in the new upward momentum 5. It should be noted that the ZEW index in Germany demonstrates a positive trend in the last few months, and taking into account the acceleration of economic growth euro zone, it is likely the continuation of the uptrend.
It is very likely that the descending correctional wave [iv] is coming to an end, therefore in the near future the market may rise within the framework of a new bullish impulse wave [v]. Today, the dynamics of credit markets will influence the course of trading. The US government bond market began its work after a long weekend, now it is necessary to wait for the opening of the London session at 08:00 GMT Time. If the yield differential for 10-year UK / US government securities will grow, this will support the current mark-ups and will help increase the price.
Most likely, the construction of the downward corrective wave (ii) was completed, and in the near future we can quite see the rise of the currency pair within the new bullish momentum (iii). Thus, in the current situation, it is possible to open long positions.
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