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EUR / USD pair
The main euro rate is given by the rising wave of May 23. A correctional wave lasting in recent weeks appears to be fully formed. The price is within the powerful support zone. The upward movement that began yesterday has not yet undergone a reversal potential.
Forecast:
The expected price fluctuations of the euro today are stacked in a narrow corridor between the nearest oncoming zones. Before the price rises, a repeated attempt to put pressure on the support zone is not excluded. The current flat mood may continue for several days.
Recommendations:
Today, trade deals in Euro pair can be recommended only to traders who trade in separate sessions on the smallest TFs. For longer transactions, there are no conditions in the market. When the price reaches the resistance zone, it is worth focusing on the search for selling signals.
Resistance zones:
- 1.1230 / 1.1260
Support areas:
- 1.1180 / 1.1150
GBP / USD pair
The downward wave of the pound, which dominated in March, reached the potential reversal zone. The structure of the whole wave looks complete and the proportions of the parts are met. There is no reversal signal on the chart, therefore, the oncoming movement that began yesterday is nothing more than a rollback.
Forecast:
Today, the pound price is waiting to move between nearby areas. In the morning, a rising vector is more likely. In the area of the resistance zone, the probability of a change in direction and a return to the main course of movement increases sharply.
Recommendations:
Be careful and minimize the lot when buying a pound today and if the price reaches the resistance zone, it is recommended to look for signs of a reversal in order to search for signal sales of the instrument.
Resistance zones:
- 1.2580 / 1.2610
Support areas:
- 1.2520 / 1.2490
Explanations to the figures: The simplified wave analysis uses waves consisting of 3 parts (A – B – C). Each of these analyzes the last incomplete wave. Zones show calculated areas with the highest probability of reversal. The arrows indicate the wave marking by the method used by the author. The solid background shows the formed structure and the dotted exhibits the expected movement.
Note: The wave algorithm does not take into account the duration of tool movements over time.
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