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EUR/USD
Analysis:
The chart of the European currency has been dominated by an upward trend since March last year. Over the past month, the pair's exchange rate has been adjusted downwards. At the end of last week, the price changed course. This movement does not have a reversal potential, being an intermediate pullback within the current correction.
Forecast:
In the next trading session, there is a high probability of the end of the price growth, the formation of a reversal, and the beginning of the price move down. By the end of the day, the probability of the exchange rate returning to the area of the support zone increases.
Potential reversal zones
Resistance:
- 1.2100/1.2130
Support:
- 1.2030/1.2000
Recommendations:
Buying the euro today can be risky. Attention should be paid to the search for signals in the area of the calculated resistance zone for the sale of the instrument.
AUD/USD
Analysis:
As a result of the upward momentum on the Australian dollar chart, the price reached the lower limit of the strong reversal zone. Since the beginning of this year, the price has been moving mainly in the lateral plane, forming a correction. As part of the current wave, the price has been rolling up since February 2.
Forecast:
Today, the general flat rate of price movement is expected. After an attempt to put pressure on the resistance zone, you should wait for a change in the movement vector and a decline in the support area.
Potential reversal zones
Resistance:
- 0.7750/0.7780
Support:
- 0.7670/0.7640
Recommendations:
Trading on the Aussie market is not very promising today. When making transactions, it is more reasonable to close them at the first sign of a reversal.
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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