Wave analysis of EURUSD, GBPUSD, USDJPY on May 29.
Presumably, the market continues to form the final part of the downtrend. Most likely, we see the construction of a downward impulse [v] of 5, within which the decline today will continue. From the news today, you should pay attention to the publication at 17:00 Moscow time in the US data on the indicator of consumer confidence in May. Also, it should be noted that in Italy there is a political crisis, this country has the highest debt-to-GDP ratio of the five leading economies of the eurozone. Paolo Savona urges the Italians to withdraw from the eurozone and make a reset of the economy, even simple conversations about this may trigger a depreciation of the EURUSD.
The market continues to build the final part of the downtrend, which takes the form of a finite diagonal. At the moment, the last of the five parts of this diagonal, the zigzag [v], is constructed. Thus, today we can see a small price reduction. In favour of the decline can signal the situation in the oil market, as GBPUSD and Brent have a strong correlation with each other.
Apparently, the market has completed the development of an ascending correction wave (b). In the last section, we most likely see the development of another downward impulse consisting of five sub waves. Thus, today and in the coming days, it is possible to reduce the currency pair. Also, the movement of quotations may be affected by the publication in the US of data on the indicator of consumer confidence for May, as already mentioned above.
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