Wave analysis of EURUSD, GBPUSD, USDJPY on May 25.
Apparently, on the last trading day of the week, we see the development of the final part of the downward momentum 5. It is likely that today the currency pair will move down in the wave [v] of 5 of (5). And after its complete completion, it is possible to start a new uptrend, or a major bullish correction. Today we should pay attention to the publication in the United States at 15:30 Moscow time of data on the change in the volume of orders for long-term goods. And also, 50 minutes after the release of this data, at 16:20 the chairman of the board of governors of the Federal Reserve, Jerome Powell, will speak, during the release of these news the market can make sharp movements, it is necessary to trade cautiously during this period.
It is very likely that we saw the complete completion of the downward impulse wave 5. In connection with this, the first part of the uptrend, or a major correction, could well have been built on the last site. However, it is too early to open long positions. there is still a probability of continuation of the trend. In addition, the first small ascending wave is hardly marked as an impulse. From this it follows that the market in the near future can go both in ascending and descending direction. From the news, the most important and significant event for today, is a speech by Governor of the Bank of England Mark Carney, which will happen at 16:15 Moscow time.
For the previous trading day, the currency pair sank even lower, confirming the assumption that we see the beginning of a new downward trend. Most likely, an impulse wave (a) was constructed, after which the market is expected to grow within the framework of a bullish correction (b). Thus, if the assumption is true, in the near future we will see a corrective recovery, after the completion of which, the movement in the downward direction will continue. However, this is likely to happen already next week.
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