Forex Wave analysis and forecast
One of the key factors, which has influence on any trader’s success is his ability to correctly predict the market movements. The two main methods are technical and fundamental analysis of Forex market.
An important feature of fundamental analysis is its global nature. Events, which are analyzed in fundamental analysis, have long-term influence on supply and demand on the currency market. This information is composed of the news about the world’s biggest political and financial events. It’s hard to overestimate the influenced the news has on financial markets: when the most important news is published, the market volatility increases.
It’s quite easy for an experienced trader to analyze and predict how a single event may influence the market. However, analysis of several events, which may influence the market in completely different ways, is a very complicated and time-consuming process. This may be the reason why only approximately 20% of traders use fundamental analysis as their main forecasting tool.
Fundamental approach to Forex market analysis, unlike technical one, covers not only the prices and their changes, but the reasons for these changes as well. Each approach has its followers, advantages and disadvantages.
Eurodollar continues forming the extended wave (iii).
In case of Pound, the wave (ii) may continue.
Eurodollar continues forming the extended impulse in the wave (iii).
It looks like Eurodollar is still forming the extended wave (iii).
Probably, Eurodollar is about to resume falling in the wave (iii).
Eurodollar is attempting to continue the current decline.
Probably, Eurodollar has started forming the wave (iii).
In case of Eurodollar, the main scenario remains the same and implies that the price has completed the wave Y in the form of the zigzag and may continue falling.
Probably, Eurodollar has completed the descending impulse in the wave (i).
Eurodollar may yet continue forming the descending extension in the wave (iii).
Probably, after completing the zigzag in the wave Y, Eurodollar is attempting to resume its decline.
Possibly, the correction has finally completed.
Probably, after completing the ascending impulse in the wave (a) earlier, Eurodollar is falling in the wave (b).
Probably, Eurodollar has completed the bullish impulse in the wave (a) and started a new correction, which may continue for the next several days.
Over the last several days, Eurodollar has been forming the wave (a) quite fast.