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This forecast is based on the Elliott Wave Principle which states that investor psychology is the motor behind the stock markets. In this analysis however, the analyst not only observes the previous price patterns, but also takes into account the correlation between different pairs before releasing forecasts.

Elliott waves analysis


A strong directional movement has been overdue for a while, but the dollar has consistently exerted maximum effort to prevent the euro from appreciating. Each attempt to rise has been met with a strong reaction, leading to a return of the price to the initial growth point or even further decline.

There are no doubts that the British pound will attempt to improve its current position and, following the euro, will move towards active growth. It is not entirely clear in what form this movement will take place, but it is currently assumed to be an extension in wave [v]. It may also turn out th

The designated support level remains the priority target for sellers. It is likely that another attempt will be made soon to breach this defensive line of buyers. This time, it may end successfully, considering the possible weakening of the dollar against the euro and the pound. Thus, the previous

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