Today, during the Asian session, the EUR/USD pair is growing slightly, continuing to develop the “bullish” momentum formed on Tuesday. Yesterday, EUR declined due to the failure of the Eurogroup negotiations, which lasted more than 15 hours. Initially, the meeting was supposed to agree on a new package of measures to support the European economy of more than 500 billion euros but due to several disagreements, a consensus was not reached.
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The probability of the pair reducing remains.
On the daily chart, the third wave of the higher level (3) is developing, as part of which the wave 3 of (3) is forming. Currently, the development of local correction as the second wave of the lower level ii of 3 has completed and the formation of wave iii of 3 has begun, as part of which the local correction (ii) of iii has completed. If the assumption is correct, the decline of the pair will continue to the levels of 0.9167–0.9000. The level of 0.9803 is critical and stop-loss for this scenario.
The pair is in correction; the probability of growth is maintained.
On the daily chart, the downtrend continues to develop as a wave of the higher level (C), as part of which a wave of 3 of (C) has formed. At the moment, local correction is developing as the fourth wave 4 of (C), as part of which the wave c of 4 is developing. If the assumption is right, the growth of the pair will continue to the levels of 0.6457–0.6682. The level of 0.5985 is critical and stop-loss for this scenario.
Today, during the Asian session, the USD/JPY pair is growing moderately, recovering from a pullback on Tuesday. Now, the US currency is trying to consolidate above 109.00 supported by high demand for shelter assets.
At 08:00 (GMT+2), data on UK GDP for February will be released. It is the main indicator reflecting the state of the national economy which takes into account domestic consumption, investment, government spending and exports. The indicator is expected to grow from 0.0% to 0.1%. A forecast may support the pound.
At 08:00 (GMT+2), in the UK data on industrial production for February will be published. The indicator fixes the level of change in the volume of industrial production and utilities in the country. The calculation takes into account the manufacturing and mining industries, as well as the electric power industry. Production is expected to grow by 0.1% after a 0.1% decline a month earlier. An implementation of the forecast may support the pound.