Analysis for February 24th, 2015
EUR USD, “Euro vs US Dollar”
The situation hasn’t changed much over the last 24 hours. Most likely, the price has completed horizontal triangle inside wave (iv) of [iii] and in the nearest future may start a new descending movement inside wave(v) of [iii].
The pair is moving below its critical level of 1.1428 and forming first ascending impulses inside wave (v) of [iii]. The structure of the new descending movement isn’t quite clear so far, but the main scenario remains the same.
GBP USD, “Great Britain Pound vs US Dollar”
Most likely, the price wave 4 of (1) is taking the form of a deeper and more complicated double zigzag. Right now, the pair is expected to reach a new local low and complete wave (c) of [y] of 4.
So, wave (b) of [y] of 4 is taking the form of running flat. Right now, the pair is expected to form an ascending five-wave structure inside wave (c) of [y] of 4 and only after that start a new and more serious descending movement inside wave 5 of (1).
USD JPY, “US Dollar vs Japanese Yen”
The situation hasn’t changed much over the last 24 hours. After finishing horizontal triangle inside wave (4) of [5], the price is forming first ascending impulses of wave (5) of [5].
So, after forming wave [i] of 3 and correcting it, the price completed impulse (i) of [iii] of 3 and corrected it as well. In the nearest future, the market is expected to continue growing inside wave 3 of (5) of [5].
USD CAD, “US Dollar vs Canadian Dollar”
The market is about to finish horizontal triangle inside wave (4) of [3]. After that the price may start a string ascending movement inside wave (5) of [3] towards 1.2415 – 1.2480.
Most likely, the pair is about to finish zigzag D of (4) and start forming wave E of (4), and complete this whole correctional structure quite soon. At the same time, an alternative scenario (colored in gray) implies that the market has already completed horizontal triangle and started forming wave (5) of [3].
RoboForex Analytical Department
Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex LP bears no responsibility for trading results based on trading recommendations described in these analytical reviews.
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