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EUR/USD
Analysis:
Since March last year, the chart of the European currency shows the rate of its strengthening. The unfinished trend section started on March 31. At the beginning of last month, the price reached an intermediate resistance, along which a hidden correction was formed. The ascending segment from May 28 has a reversal potential and may be the beginning of the final section (C).
Forecast:
The next day, the pair's price is expected to move in the lateral plane between the nearest oncoming zones. After attempting to put pressure on the resistance, you can then wait for a change of course and a decline up to the support zone. After that, the growth rate will resume.
Potential reversal zones
Resistance:
- 1.2240/1.4470
Support:
- 1.2180/1.2150
Recommendations:
Selling euros today can be risky and is not recommended. The main attention is proposed to be paid to the search for buy signals in the area of the settlement support zone.
USD/JPY
Analysis:
An upward trend dominates the major TF of the Japanese yen major. The side section of the chart, which started in early March, refers to a complex horizontal correction that has not been completed yet. The final part is missing in its structure. The decline that began on May 28 has a reversal potential.
Forecast:
The pair's price is expected to have a generally downward movement vector in the subsequent trading sessions. In the European session, a "sideways" and short-term price growth is possible, not above the resistance limits. The most significant activity is likely at the end of the day.
Potential reversal zones
Resistance:
- 109.50/109.80
Support:
- 108.80/108.50
Recommendations:
Trading the Japanese yen today can only be safe within the intraday framework. The trading lot is suggested to be reduced. There are no conditions for purchases on the pair's market yet.
GBP/JPY
Analysis:
As a result of the prolonged price growth, the pound/yen cross quotes came close to the upper limit of the powerful resistance zone of a large TF. The structure of the last section of the trend from March 18 looks complete. The price decline that began on May 27 has a reversal potential.
Forecast:
Today, there is a high probability of a general flat mood of the movement. In the next session, you can expect an attempt to put pressure on the resistance zone. By the end of the day, the probability of a reversal and the beginning of the price move down increases.
Potential reversal zones
Resistance:
- 156.00/156.30
Support:
- 154.80/154.50
Recommendations:
The potential of the pair's purchases has been exhausted for today. It is not recommended to enter the pair's market until clear sell signals appear.
USD/CAD
Analysis:
As part of the dominant downward trend of the Canadian dollar major over the past year, its last section counts down from April 21. Over the past month, the pair's quotes have formed a correction plane and intermediate support. The analysis of the structure shows its incompleteness.
Forecast:
In the coming days, the probability of a repeated price increase in the area of the calculated resistance remains. The next session is expected to move in the lateral plane. An increase in activity and the beginning of growth can be expected at the end of the day or tomorrow.
Potential reversal zones
Resistance:
- 1.2110/1.2140
Support:
- 1.2040/1.2010
Recommendations:
In a downward trend, flat trading carries an increased risk and is not recommended. It is suggested to refrain from entering the market until the correction is completed, tracking the signals for selling the instrument in the area of the resistance zone.
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!
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