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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

2024 EURUSD GBPUSD USDJPY
08
May

The promising opportunity to strengthen its position against the euro slips away once again. Failing to rise and set a new local high, the price quickly reversed and headed downwards. Now, the chances of developing an upward impulse in the previously considered manner are minimal. The probability

The pound, like the euro, failed to improve its position and strengthen. Instead, a reverse movement began, which is presumably part of a downward correction. Two possible corrective patterns are possible for the GBP/USD pair: a flat and a zigzag. The specific form of correction is unlikely to hav

The dollar fully took advantage of the opportunity presented by the level that previously acted as resistance but turned into support after being broken. The price bounced nicely off it, but this is likely not enough to renew the current maximum. The rise likely has a corrective nature, indicating

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May
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May
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