Currency market reacted to main world indexes fall by dollar consolidation. In spite of this, a pair EUR_USD yet stays in the limits of wedge-shaped upward trend. Anyhow, upraising scenario prevails until critical level achievement. Presumably, a wave 4 takes more complex and prolonged form, in the process of further forming of this wave, August, 17th minimum can be got over. In the same time, in case of expanding the process of “running from risks” on stock markets, Euro-Dollar can form stable downward trend. But it is yet too early to discuss this kind of scenario. We should also admit that MACD on 4-hourly graphic already worked-off an earlier formed divergence.
Analysis prepared by:
Maxim Dmitrievsky
Forex4you analyst