Blacklist of scam sites

Forex Traiding

Analysis of EUR / USD on February 22. Markets will tend to move the instrument further up this week.



DATE OF PUBLICATION: 2021-02-22 19:40:10 Wave counting on the 4-hour chart still looks quite convincing. Thus, the wave pattern has not changed at all over the past few days. It still assumes building an upward wave, presumably 3 new uptrend part. At the moment I am leaning towards the option with the construction of a three-wave structure, after the completion of which the construction of a three-wave downward structure will begin. Thus, I expect a rise to 22 figure or slightly higher. However, there is also reason to believe that the entire trend section, which began on February 5, will assume a five-wave form. In this case, I will expect an increase in the instrument quotes above the peak of the current wave 5 to 5. Then the entire trend segment, which began in March last year, will become even more complicated. The most important thing that I note at this time is that wave counting does not raise a lot of questions. It looks like a textbook and allows you to trade the instrument with the maximum level of awareness of what is happening. Unlike the British, where, although the upward part of the trend is preserved, its internal wave counting cannot be analyzed. I said earlier that the main job of wave traders is not to define every wave they see on a chart, but to profit from it. Therefore, the simpler the wave counting, the better. The new week promises to be quite boring in terms of news. Christine Lagarde is scheduled to speak today and Jerome Powell is scheduled to speak at Congress tomorrow. However, it is unlikely that the ECB chairman will give the markets any new information, and Jerome Powell’s rhetoric will change from his previous speeches. In principle, with a 90% probability, you can predict that Powell will talk about the new aid package proposed by Joe Biden and which should be approved by Congress in the coming weeks. Most likely, Powell will again talk about the long road to economic recovery and that it will be impossible to do without the help of the government and the central bank. The markets are unlikely to be impressed by such rhetoric, and accordingly, one should not expect a strong reaction. There is practically nothing to highlight from the economic reports this week. Inflation in the European Union for January is due tomorrow, and this is perhaps the only report that deserves attention this week. Let me remind you that last month, inflation in the EU rose sharply from -0.3% y / y to 0.9% y / y. Thus, the data for January will have to answer the question whether this increase was not accidental. In general, this week’s trading can be as boring as possible. Which is even good, since the wave counting has an increased chance of being realized without any surprises or surprises. I recommend staying in the Euro currency purchases for now. Low until the price exceeds the peak of wave 1. The wave counting of the uptrend portion is still quite complete, five-wave form. But the section of the trend, which began its construction immediately after it, already looks complete. The entire January-February section of the trend took the form a — b — c. If this assumption is correct, then at least three upward waves will now follow. Material provided by InstaForex – www.instaforex.com Source – InstaForex

Related posts
Forex Traiding

plan for the European session on April 16. Commitment of Traders COT reports (analysis of yesterday's deals). Traders are in no rush

Forex Traiding

Simple guidelines for entering and exiting the market for novice traders. (analysis of forex transactions). Currency pairs EURUSD

Forex Traiding

US market 16.04 Intrigue of the moment - who gets tired first - the US market or the Third wave of covid?

Forex Traiding

74% of professional investors consider Bitcoin and other cryptocurrencies to be a bubble.

Subscribe to our newsletter and
Stay up to date

Leave a Reply

Your email address will not be published. Required fields are marked *