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08.09.202009:39 Forex Analysis & Reviews: Simplified wave analysis and forecast for EUR/USD and USD/JPY on September 8

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

EUR/USD

Analysis:

In the last six months, the direction of the euro trend is set by an upward wave. Short-term fluctuations of the pair fit into the algorithm of a complex downward correction from July 31. Its last section is not completed. The shape of the wave resembles a shifting Elliott plane, with the prospect of developing into a stretched one.

Forecast:

Today, a mostly sideways price movement is expected in the corridor between the nearest counter zones. An upward trend is possible in the next session. The completion of the rise and the reversal can be expected in the resistance area. After that, you can count on a reduction. Perhaps with a break in the borders of the nearest support.

Potential reversal zones

Resistance:

- 1.1880/1.1910

Support:

- 1.1810/1.1780

- 1.1720/1.1690

Recommendations:

Purchases of the euro are possible today in the European session. It is more reasonable to reduce the size of the lot. When the price reaches the calculated resistance and reversal signals appear, it is recommended to change the trading vector.

Exchange Rates 08.09.2020 analysis

USD/JPY

Analysis:

On the chart of the Japanese yen, the price has been forming a downward trend since March. The last unfinished section started on August 12. A sideways correction has been developing over the past month. Quotes are located at the lower border of a strong large-scale resistance zone.

Forecast:

In the coming day, it is expected to complete the upward course of the movement, form a reversal, and move the price down. The lower limit of the daily course of the pair is the calculated support.

Potential reversal zones

Resistance:

- 106.40/106.70

Support:

- 105.80/105.50

Recommendations:

Buying the yen today may be risky due to the limited upside potential. After the signals for reversals appear, there will be an opportunity for short-term sales of the pair with a reduced lot.

Exchange Rates 08.09.2020 analysis

Explanation: In the simplified wave analysis (UVA), waves consist of 3 parts (A-B-C). The last incomplete wave is analyzed. The solid background of the arrows shows the formed structure, and the dotted one shows the expected movements.

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

Isabel Clark
Analytical expert of InstaForex
© 2007-2024

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