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Elliott waves analysis

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.

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Elliott waves analysis

2024	EURUSD	GBPUSD	USDJPY
17 May	EUR/USD: Resumption of Upward Movement. The anticipated continuation of growth did not occur. The euro needed a pause, during which the dollar attempted to shift the situation in its favor, resulting in a minor pullback. This decline is likely corrective. Consequently, the price is expected to resume its upward movement soon, completing More	GBP/USD: Upward Movement to Resume. The situation with this pair is similar to what is currently observed with EUR/USD. After setting a new local high, the upward movement paused, and the price began to pull back. This minor decline is likely part of an ongoing internal correction. Consequently, the price may start rising again soon More	USD/JPY: Impulsive Decline Expected to Resume Buyers continue trying to return to the previously established maximum and possibly surpass it. Another strong bearish wave was bought up. However, this appears to be forming a corrective structure, which is not in favor of the buyers. Throughout the day, the price may increase slightly. Then, sel More
16 May	EUR/USD: A Brief Pause Before Further Growth.	GBP/USD: A Minor Correction Expected	USD/JPY: Impulsive Decline Underway.
15 May	EUR/USD: Euro Set to Continue Rising	GBP/USD: Expectations of Impulsive Growth in the Third Wave Persist.	USD/JPY: Beginning of an Impulsive Decline
14 May	EUR/USD. Further impulsive price growth is expected.	GBP/USD. Expectations of an upward impulsive movement remain.	USD/JPY. A decline may begin soon.
13 May	EUR/USD. Growth in the lengthening third wave of the impulse.	GBP/USD. Expectations for the development of the third wave of the upward impulse remain.	USD/JPY. Resumption of the downward movement.

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Elliott waves analysis

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