Analysis for February 16th, 2015
Euro is moving between its critical and confirming levels, providing us with a lot of possible scenarios. The main of them implies that the price is expected to continue falling inside wave (v) of [iii] and reach 1.0900.
EUR USD, “Euro vs US Dollar”
It looks like the correction inside wave  of iii of (v) of [iii] is taking too much time. If the price continues moving near its critical level (red line on the chart), then an alternative scenario may become the main one. This scenario implies that the pair is forming double zigzag inside wave (iv) of [iii]. However, this is just an assumption right now, and the pair is expected to continue falling.
GBP USD, “Great Britain Pound vs US Dollar”It looks like wave 4 of (1) is going to be a bit deeper than we expected. The pair hasn’t finished double zigzag yet, that’s why in the nearest future the market may move upwards inside wave [y] of 4 o (1).
Most likely, the movement pair made from the previous low at 1.5196 has turned out to be a five wave structure, which means that the price has completed wave (a) [y] of 4 of (1). In this case, later the market may form a short-term correction, make another ascending movement inside wave [y] of 4 of (1), and then complete the whole double zigzag.
USD JPY, “US Dollar vs Japanese Yen”The structure of wave E of (4) has changed a bit, and the current scenario is, in our opinion, is more suitable. So, wave E of (4) of  took the form of double zigzag, then the price formed the first five-wave structure inside wave 1 of (5) of  and quite a deep pullback inside wave 2 of (5) of . The correction is about to finished quite soon and after that the pair is expected to start a new ascending movement inside wave 3 of (5) of .
The correction inside wave 2 of (5) of  has already passed Fibonacci retracement 50% of wave 1 and right now is very close to 118.24 (61.8% of wave (1 of (5) of ). In the near term, the market is expected to reverse and start an ascending movement to pass 120.00.
USD CAD, “US Dollar vs Canadian Dollar”Wave (4) of  still offers us a lot of different scenarios. Right now, the main of them implies that the price is finishing zigzag inside wave (4). If the market continues moving sideways without reaching new local lows, wave (4) of  may transform into horizontal triangle.
Wave B of (4) has taken the form of zigzag; right now, the price may be forming a five-wave structure inside wave C of (4). In the near term, the pair is expected to reach a new local low and then start a stronger ascending movement.
RoboForex Analytical Department
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