The outcome of yesterday's FOMC meeting, as expected, helped the euro bears to update the minimum.
In our previous review, “Expecting an ascending correction. Wave analysis of AUD/USD for 10.09.2014”, we discussed a possible scenario how the price may complete a descending wave (v) of [a] and reverse upwards.
The main currency pair is trading down after the announcement of the results of the September meeting of the Federal Reserve.
GBP USD, Time Frame H4. Tenkan-Sen and Kijun-Sen are close to each other inside Kumo and still influenced by “Golden Cross” (1).
After breaking the minimum, Eurodollar continued moving inside “oversold zone”.
The H4 chart of EUR USD shows a bearish tendency.
The DJIA Index has reached a new historic maximum and may continue moving upwards.
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 hasn’t been able to continue forming an ascending structure.