Analysis for March 4th, 2015
In case of Euro, the situation hasn’t changed much over the last 24 hours. The price is still forming a descending impulse inside wave (v) of [iii]. Most likely, in the nearest future, the market is expected to stay below 1.1100.
EUR USD, “Euro vs US Dollar”
The descending movement of the price over the last 24 hours has been quite weak. Nevertheless, in the nearest future, the market is expected to stay below the confirming level at 1.1158 and continue falling inside wave (v) of [iii].
GBP USD, “Great Britain Pound vs US Dollar”Pound is slowly falling inside wave 5 of (1). In the near term, the pair is expected to continue moving downwards and stay below 1.5000.
Probably, wave [i] of 5 of (1) is taking the form of leading diagonal triangle. In the near term, the pair is expected to start a correctional wave [ii] of 5 of (1) and continue falling. This scenario will be confirmed if the market stays below the confirming level at 1.5343.
USD JPY, “US Dollar vs Japanese Yen”Yen continues forming first impulses of a large five-wave ascending structure inside wave (5) of . In the nearest future, the price is expected to stay above 120.00.
Just as we expected, after completing wave (i) of [iii], the price has formed zigzag inside wave (ii) of [iii]. In the nearest future, the pair is expected to continue growing inside wave (iii) of [iii].
USD CAD, “US Dollar vs Canadian Dollar”The market is still moving inside a sideways channel, thus giving us a lot of possible scenarios. So far, in our opinion, the price is forming a large impulse inside wave (5) of . An alternative scenario implies that the price may be still forming horizontal triangle (4) of  with wave E of (4) in the form of horizontal triangle inside it as well. This scenario may dominate if the market continues moving sideways.
Probably, the pair has finished a correctional wave 2 of (5) of  in the form of expanded flat. In the future, the price is expected to continue growing inside wave (5) of . The critical level for this scenario is at 1.2386.
RoboForex Analytical Department
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