Trading Conditions
Products
Tools
The US National Nonfarm Employment report is expected to be released today at 13:15 Universal time, which will be followed by a report on crude oil inventories at 15:00 UTC+00. A detailed report on the rates committee meeting held two weeks ago is also expected at 19:00 Universal time. Most likely, such a volume of news can accelerate the movement of the course towards the intended target.
EUR/USD, H4 timeframe:
Just like in previous trading weeks, the formation of a downward wave Y can be observed, which is part of a large zigzag trend that takes the form of a triple zigzag.
Wave Y is similar to a simple zigzag [A]-[B]-[C], where the first two sub-waves were fully done with their pattern – impulse [A] and correction [B]. Now, the last downward wave [C] is still under development, taking the form of a simple impulse, which will consist of sub-waves (1)-(2)-(3)-(4)-(5).
Earlier, only the first two parts, sub-waves (1) and (2), have been fully completed within the framework of the potential impulse. A downward impulse wave (3) is still in the process of development. It seems that the development of a complex correction 4, consisting of sub-waves [W]-[X]-[Y], has recently ended, then the price began to make a downturn. It is very possible that the decline began in the last fifth wave.
Now, we expect the price to fall to the level of 1.1106, after which it may reverse and a correction (4) will start to form, as shown in the chart. Currently, opening sell deals can be considered.
InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.