21.11.201909:53 Forex Analysis & Reviews: Simplified wave analysis of EUR/USD and GBP/JPY for November 21

EUR/USD

Analysis:

As seen on the euro chart, the formation of an upward wave model from September 3 continues. In the structure of the wave, the first parts (A+B) are traced. The last section started on November 14. The price from the beginning of the week rolls down.

Forecast:

Today, the pair's price is expected to move in the horizontal range between the counter zones. In the first half of the day, a decrease is likely. The beginning of the growth phase can be expected by the end of the day.

Potential reversal zones

Resistance:

- 1.1110/1.1140

Support:

- 1.1040/1.1070

Recommendations:

Trading the euro today is appropriate only within the intraday. In sales, it is more reasonable to reduce a lot. At the end of the upcoming decline, it is recommended to track the pair's buying signal.

GBP/JPY

Analysis:

In the dominant upward wave since August, the cross quotes spent the past month in a sideways flat. Analysis of the structure of the correction wave shows that it has entered the final phase.

Forecast:

In the first half of the day, an upward move of the pair's price is possible. Closer to the US session is expected to complete the rise, reversal and decline in the area of the support zone. A breakthrough beyond the lower boundary of the zone is unlikely today.

Potential reversal zones

Resistance:

- 140.60/140.90

Support:

- 139.80/139.50

Recommendations:

Due to the probability of a sharp reversal, the pair's purchases are very risky today. It is recommended to focus on finding entry points for short positions on this instrument.

Explanations: in the simplified wave analysis (UVA), the waves consist of 3 parts (A-B-C). The last incomplete wave is analyzed. The solid background of the arrows shows the formed structure for determining the expected movement.

Attention: The wave algorithm does not take into account the duration of the tool movements in time!