03.02.202112:15 Forex Analysis & Reviews: Simplified wave analysis and forecast for EUR/USD, AUD/USD, GBP/JPY on February 3

EUR/USD

Analysis:

The last unfinished section of the upward trend of the major European currency has been reporting since November 4 last year. Since the beginning of this year, a downward correction has been developing from the lower border of the strong resistance zone of a large time frame.

Forecast:

Today, a predominantly downward vector of price movement is expected. In the European session, a short-term price increase to the resistance zone is possible. In the downward phase, you can expect an increase in volatility. Activation is likely at the end of the day or tomorrow.

Potential reversal zones

Resistance:

- 1.2060/1.2090

Support:

- 1.1960/1.1930

Recommendations:

There are no conditions for purchases on the euro market until the current correction is completed. From the calculated resistance, it is recommended to track the signals for selling the instrument. It is necessary to take into account the limited potential of the move down.

AUD/USD

Analysis:

The upward wave of the Australian dollar, which began in March last year, reached the lower limit of the preliminary target zone. The wave structure does not show completeness. Since January 6, the pair's quotes form an intermediate correction. According to some signs, this wave is close to completion.

Forecast:

Today, the general flat mood of the pair is expected. After a likely attempt to put pressure on the resistance zone, we should expect a return to the bearish rate and a decline in the area of the calculated support. It passes through the upper level of the preliminary target zone.

Potential reversal zones

Resistance:

- 0.7640/0.7670

Support:

- 0.7550/0.7520

Recommendations:

Trading on the pair's market today is only possible in separate sessions. Before the appearance of clear reversal signals, the priority is to sell the instrument.

GBP/JPY

Analysis:

Since March last year, the quotes of the pair have moved the price to the "north" of the price chart. A week ago, the lower limit of the intermediate zone of a potential reversal was reached. The wave structure is not complete. The width of the zone is more than two price figures, so you can not expect a change in the short-term trend in the near future. The price forms an intermediate correction.

Forecast:

In the upcoming European session, quotes are expected to decline in the area of settlement support. Next, you should count on a reversal and a second attempt to climb, up to the resistance zone.

Potential reversal zones

Resistance:

- 143.90/144.20

Support:

- 143.00/142.70

Recommendations:

Today, trading on the pair's market will be more effective within the intraday. When selling, you should reduce the lot and take into account the limited potential for reduction. Priority is given to the pair's purchases.

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 line shows the expected movements.

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