Analysis for August 4th, 2015
EUR USD, "Euro vs US Dollar"
Eurodollar is forming another descending structure, which may be considered as the central part of the continuation pattern towards 1.0960. We think, today, the price may test 1.0967 and reach a new low at 1.0924. After that, the pair may test the center of the structure and continue falling inside the downtrend. The predicted target is at 1.0844. After the price forms the central part of the continuation pattern, we'll specify the target.
GBP USD, "Great Britain Pound vs US Dollar"
Pound is consolidating at the top of the channel. We think, today, the price may break 1.5567. The target of this descending wave is at 1.5240.
USD JPY, "US Dollar vs Japanese Yen"
Yen is moving above 123.75. We think, today, the price may grow to reach the local target at 124.65. An alternative scenario implies that the market may continue the current correction up to 123.45 and only after that the pair may resume growing to reach the local target. Later, in our opinion, the market may continue falling to reach 122.95.
