A year ago, the German economy seemed unsinkable, and euro zone countries were “offered” to take an example of the reforms from Berlin, through which Germany went through at one time.
Anyone else surprised by this trend? The main pair is under selling pressure again, and it is unlikely that today’s macro publications will change something.
In our previous review, “Completion of a triangle. Wave analysis of EUR/JPY for 03.10.2014”, we discussed a possible scenario how the price may finish horizontal triangle [iv] of C of (C).
In case of Eurodollar, the trend is still bearish.
Eurodollar is trying to stay inside “oversold zone”.
One of the possible scenarios implies that Euro is forming the final descending wave (E) of [B], which may take the form of a large zigzag.
Euro is forming another descending structure with the target at level of 1.2598.
GBP USD, Time Frame H4 – Indicator signals: Tenkan-Sen and Kijun-Sen are influenced by “Dead Cross” (1).
The H4 chart of EUR USD shows a correction within the downtrend.