The main currency pair is still falling - no matter how much we wanted to believe in a temporary euphoria, there are still no reasons for the growth in the instrument.
In the beginning of the week, Eurodollar rebounded from a correctional retracement 78.6%.
In our previous review, “Completion of the correction, expecting the trend. Wave analysis of GBP/JPY for 13.10.2014”, we discussed one of the possible scenario how the price may complete skewed triangle [iv] of 5 of (1) and a possible impulse (1).
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 still falling; the pair has broken consolidation channel downwards.
Yesterday Eurodollar broke the 0/8 level and entered “oversold zone”.
GBP USD, Time Frame H4 – Indicator signals: Tenkan-Sen and Kijun-Sen are influenced by “Golden Cross” (1).
At the H4 chart of EUR USD, a bearish tendency, which is indicated by Three Methods pattern, continues.