FX.co ★ EUR/USD

Hello traders. EUR/USD market overview. Continuation of the downtrend impulse. Part 4. In the EUR/USD currency market, on the medium-term wave level of the H4 chart, a continuation of the downtrend impulse is expected. This forecast is based on a comprehensive multi-timeframe analysis. The analysis includes: - Elliott Wave Analysis (EWA). - MACD histogram readings. - Positioning of Smoothed exponential moving averages with periods of 55, 89, 144. - Assessment of the probability of technical and wave analysis model realizations. According to this analysis, the fourth wave is currently forming or has already formed, which may take the form of a triangle. This implies another wave of decline. Upon its completion, a large upward corrective wave "2" of a higher order is expected.