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EUR/USD
The main vector of the short-term movement of the European currency is given by the bearish wave of March 20. In a larger model, this is a correction. Its structure looks complete today. The price is in the area of a potential reversal. There are no early reversal signals on the chart yet.
Forecast:
Over the next 24 hours, the general flat mood of the euro price fluctuations is expected to continue. The probability of an upward vector is preserved. The limit size of the lift limits the resistance zone.
Recommendations:
Staying out of the European market will be the best tactic today. "Pipsing" on purchases is possible, but the risk of getting a loss is large enough. It is recommended to wait for the full completion of the rollback part of the movement and look for signals to sell the pair at its end.
Resistance zones:
- 1.1220 / 1.1250
Support zones:
- 1.1160 / 1.1130
GBP/JPY
The direction of the trend movement of the last months of the cross is set by the bearish wave of March 14th. Since May 3, the final part (C) has been developing in its structure. On the small scale, by the end of last week, an upward reversal structure of the wrong kind was formed.
Forecast:
Before the trend continues downward, the price needs to work out a counter rollback. Today, we expect a flat mood. The upward vector is probable, but not beyond the calculated resistance zone. The return to the bearish rate can be expected at the end of the day or tomorrow.
Recommendations:
Cross purchases within the next trading sessions are possible, but the lot should be reduced to a minimum. When the price reaches the calculated zone of a potential reversal, it is necessary to complete long trades and look for reversal signals to find the entrance to the pair's sales.
Resistance zones:
- 141.10 / 141.40
Support zones:
- 140.10 / 139.80
Explanations to the figures: Waves in the simplified wave analysis consist of 3 parts (A – B – C). The last unfinished wave is analyzed. Zones show areas with the highest probability of reversal. The arrows indicate the wave marking according to the method used by the author, the solid background is the formed structure, the dotted ones are the expected movements.
Note: The wave algorithm does not take into account the duration of tool movements over time.
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