The legend in the InstaSpot team!
Legend! You think that's bombastic rhetoric? But how should we call a man, who became the first Asian to win the junior world chess championship at 18 and who became the first Indian Grandmaster at 19? That was the start of a hard path to the World Champion title for Viswanathan Anand, the man who became a part of history of chess forever. Now one more legend in the InstaSpot team!
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There were very few changes regarding the euro last week. We observed horizontal movement for most of the week, which naturally did not affect the current wave markup. I want to remind you that the wave structure and the instrument's movements are now entirely dependent on Donald Trump's will. Last week brought enough news from both Trump and the European Central Bank, as well as from economic data. However, there were no updates regarding the introduction of new tariffs, so the market deemed all other news irrelevant under current conditions. As a result, we didn't see any significant movement.
The situation is unlikely to change in the new week. Tariffs from Donald Trump will remain in focus, and if there are none, there might again be no notable market moves. Among economic events, I can point out the service and manufacturing PMIs for April, and that's essentially it. While last week included a European Central Bank meeting — a major event with an important decision — the new week, the market will have very little to latch onto besides the same old tariff stories. The business activity indices can certainly indicate the direction of economic development for the next quarter, but under Trump's tariff policy, it's already clear which way the EU economy is headed.
Undoubtedly, the market will stop reacting solely to new tariffs sooner or later — simply because Trump won't be able to impose or repeal them endlessly. However, at this point, I cannot say that this phase has ended. Consequently, we should prepare for the fact that the White House will continue to dictate dynamics in the currency market.
Based on the conducted analysis of EUR/USD, I conclude that the instrument continues to build a new upward trend section. Donald Trump's actions have reversed the previous downward trend. Therefore, the wave pattern will soon entirely depend on the position and decisions of the US president. This must constantly be kept in mind. Judging from the wave structure alone, I previously expected a three-wave correction in wave 2. However, wave 2 has already ended and took a single-wave form. Thus, the formation of wave 3 of the upward trend section has begun. Its targets could extend up to the 1.2500 level, but achieving them will depend solely on Trump.
The wave structure of GBP/USD has changed. We are now dealing with a bullish, impulsive trend segment. Unfortunately, under Donald Trump, the markets may experience numerous shocks and reversals that do not conform to wave patterns or technical analysis. The presumed wave 2 is now complete, as quotes have surpassed the peak of wave 1. Therefore, we can expect the formation of an ascending wave 3, with the next targets at 1.3345 and 1.3541—assuming that Trump's stance on trade policy doesn't make a 180-degree turn, for which there is no indication.
*এখানে পোস্ট করা মার্কেট বিশ্লেষণ আপনার সচেতনতা বৃদ্ধির জন্য প্রদান করা হয়, ট্রেড করার নির্দেশনা প্রদানের জন্য প্রদান করা হয় না।
ইন্সটাফরেক্স বিশ্লেষণমূলক পর্যালোচনাগুলো আপনাকে মার্কেট প্রবণতা সম্পর্কে পুরোপুরি সচেতন করবে! ইন্সটাফরেক্সের একজন গ্রাহক হওয়ায়, দক্ষ ট্রেডিং এর জন্য আপনাকে অনেক সেবা বিনামূল্যে প্রদান করা হয়।
