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EUR/USD
Analysis:
In terms of a strong upward trend, EUR/USD has been trading flat since the beginning of this year. A pullback started a week ago. It is likely to end in the short term.
Forecast:
The upward trend is expected to finish within the next day. The price is likely to reverse, and the downward movement may begin. An increase in trading activity may coincide with the publication of some important news.
Potential reversal areas
Resistance:
- 1.2140/1.2170
Support:
- 1.2080/1.2050
Recommendation:
Today, it will be possible to trade EUR/USD only intraday. Moreover, the lot size should be reduced. It will be a wrong decision to sell the pair before the end of the current wave. Otherwise, one may incur losses. Meanwhile, buyers should take the limited potential of the upward movement into account.
AUD/USD
Analysis:
The upward trend on AUD/USD started on December 21. As for the wave structure, the final section of Wave C has been developing since February 2. The quotes have hit the lower edge of the strong resistance zone of the large time frame again.
Forecast:
In the upcoming sessions, the upward trend is likely to weaken. The price may reverse, and the downward movement may begin. The lower border of a possible daily price range is indicated by the calculated support level.
Potential reversal areas
Resistance:
- 0.7750/0.7780
Support:
- 0.7670/0.7640
Recommendation:
Today, trading on AUD/USD will be possible only during separate sessions and with small lots. One can consider entering long only after a pullback.
GBP/JPY
Analysis:
As a result of a long-term upward trend, GBP/JPY reached the lower border of a strong reversal zone. The downward trend as of February 5 has a reversal potential. Apart from that, it can mark the beginning of a big bearish wave.
Forecast:
In the first half of the day, the resistance zone may be brought under pressure. By the end of the day, a shift in the trend may take place and the price may go down.
Potential reversal areas
Resistance:
- 144.90/145.20
Support:
- 144.00/143.70
Recommendation:
One should refrain from trading the cross pair today due to the risk of bearing losses. The buying potential is limited. So far, there have been no suitable conditions in the market so that to enter short.
Note: In simple wave analysis, we review a three-wave pattern labeled A-B-C, analyzing the last unfinished wave. Straight arrows show formed structures, while dashed lines indicate the expected movements.
Warning: The wave pattern does not take into account the duration of the instrument's movements in time!
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