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11.08.2020

Morning Market Review

EUR is showing insignificant growth against USD during today's Asian session, correcting after falling the day before. USD was supported on Monday by decrees signed by President Donald Trump last weekend. Among other things, Trump has temporarily extended the payment of increased unemployment benefits to American citizens while lawmakers in Congress fail to agree on a new stimulus package. At the same time, the new benefit was revised downward from USD 600 to USD 400, and a quarter of the amount will have to be covered from the state budgets.

GBP/USD: wave analysis

The pair may grow.

On the 4-hour chart, the third wave of the higher level (3) develops, within which the wave 3 of (3) forms. Now, the third wave of the lower level iii of 3 is developing, within which the wave (iv) of iii has formed. If the assumption is correct, the pair will grow to the levels of 1.3285–1.3515. In this scenario, critical stop loss level is 1.3011.

EUR/USD: wave analysis

The pair is in a correction, a fall is possible.

On the 4-hour chart, the first wave of the higher level 1 of (3) develops, within which the wave iii of 1 formed. Now, a local correction is developing as the fourth wave iv of 1, within which the wave (a) of iv has ended. If the assumption is correct, after the end of the wave (b) of iv the pair will fall to the levels of 1.1644–1.1472. In this scenario, critical stop loss level is 1.1920.