Wave analysis of EURUSD, GBPUSD, AUDUSD on February 28.
The market continues to move within the lateral correctional wave (4), which apparently assumes the shape of the wave plane. Over the previous trading day, the development of the corrective wave [iv] inside the C wave was completed, and now the currency pair began to move downward in the wave [v]. Most likely, today we will see a small decline, after which the market will be ready for a reversal and the beginning of an upward movement. Also, today the eurozone may disappoint investors with weak inflation data for February, which will help to lower price. Secondly, the situation in the credit markets will contribute to a small decline in the market.
The construction of the correctional wave 4, which takes the form of a triple zigzag, continues. At the moment, we see the construction of the wave [z], which consists of three components. Now the third part is forming - the impulse (c). The fact that the dollar will be strengthened due to macroeconomic factors can also contribute to the decrease. Therefore, in the current situation, it is possible to open short positions.
The currency pair continues to build a global downward correction wave. Now we see the formation of a wave (y) of [y], which can take the form of a zigzag. Thus, today the probability of continuing the downward movement is high. The movement of the currency pair will also be affected by the publication in the United States at 15:30 GMT Time data on crude oil reserves from the Ministry of Energy, you need to be especially careful at this time. In the current situation, it is possible to open short positions.
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