Market Research

The price may decrease.

On the 4-hour chart, the fifth wave of the higher level 5 of (5) of A formed. Now the downward correction of the higher level has begun as a wave B, within which the first wave of the lower level i of 1 has formed, and the local correction ii of 1 is ending. If the assumption is correct, the price will fall to the levels of 95.30–90.00. In this scenario, critical stop loss level is 111.67.

The pair may decrease.

On the 4-hour chart, the downward correction of the higher level develops as a wave (2). Now the upward correction of the lower level has developed as a wave B of (2), and the formation of the wave C of (2) is beginning. If the assumption is correct, the pair will fall to the levels of 0.9859–0.9724. In this scenario, critical stop loss level is 1.0127.

The pair may decrease.

On the 4-hour chart, an upward correction developed as a wave of the higher level iv of 1 of (5). Now a small entry momentum has formed as a wave i of (i) of v. If the assumption is correct, the pair will fall to the levels of 0.7020–0.6950. In this scenario, critical stop loss level is 0.7303.

At 09:00 (GMT+2), data on Germany's GDP will be released. It is expected that in quarterly terms, the value of the indicator will drop to -0.3% in the third quarter from 0.5% in the previous period. In annual terms, the index is expected to decline to 1.3% in the third quarter from 2.3% in the previous period. The indicator shows the change in the value of all goods and services produced in Germany for the year. The high result contributes to the growth rate of EUR. A low result, on the contrary, contributes to a decrease.

Let's look at the four-hour chart. Tenkan-sen line is crossing Kijun-sen from below, the red line is directed upwards, while the blue one remains horizontal. Confirmative line Chikou Span is below the price chart, current cloud is ascending. The instrument is trading above Tenkan-sen and Kijun-sen lines; the Bullish trend is still strong. The closest support level is Kijun-sen line (0.9527). One of the previous maximums of Chikou Span line is expected to be a resistance level (0.9590).