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.
Probably, Eurodollar has completed the horizontal triangle in the wave (B).
In case of Eurodollar, the chart structure has been changed.
Probably, Eurodollar has formed the flat in the wave [ii].
It looks like Eurodollar has completed the wave [ii] in the form of the flat.
Probably, last week Eurodollar completed the wave [ii] in the form of the flat.
Probably, the wave [ii] is taking the form of the zigzag, and the bullish rally, which took place yesterday, was the wave (c) inside it.
After completing the extension in the wave 3, Pound has started a new correction.
Eurodollar is still being corrected.
The correction of Euro-Dollar pair is continuing. Apparently, wave [ii] takes the look of zigzag where just recently the wave (b) was completed.
Supposedly, on the past week, the upward Euro-Dollar correction has begun.
As it was expected, Euro-Dollar pair started correction. Probably, the bullish impulse in the wave (a) is developing.
Quite likely, the formation of downward impulse in the wave [i] is completed.
Probably, the Euro-Dollar pair has completed the formation of the descending impulse in the wave [i], as part of which the fifth wave has been completed.
Formation of the declining impulse in wave [i] is continued.
Presumably, in the euro dollar the formation of the descending impulse in wave [i] completed.