03.02.202011:26 Forex Analysis & Reviews: Simplified wave analysis for EUR/USD and GBP/JPY on February 3

EUR/USD

Analysis:

The last unfinished bearish wave started today at the beginning of the year. On a larger scale, this section forms the final part (C) of the downward wave model. Moreover, the price has been rolling up for a correction since last week.

Forecast:

The euro rose above the expected completion zone. The price is approaching the next level of resistance. At the next trading sessions, the end of the current rise, the formation of a reversal, and the beginning of the price move down is expected.

Potential reversal zones

Resistance:

- 1.1100 / 1.1130

Support:

- 1.1040 / 1.1010

Recommendations:

You should be careful when buying euros today because of the small expected upward swing. Sales will be more promising and signals for which should be looked for in the area of the calculated resistance.

GBP/JPY

Analysis:

The direction of the short-term cross-country trend is set by the bearish wave algorithm of December 13. The price moved in a lateral plane, forming a correction throughout the past month. However, its structure does not yet show completeness.

Forecast:

The movement will continue within the "sideways" the next day. The current decline since last Friday should end in the morning. On the other hand, the resumption of price increases is expected by the end of the day.

Potential reversal zones

Resistance:

- 143.10 / 143.40

Support:

- 142.30 / 142.00

Recommendations:

Sales in the cross market are unpromising today. Thus, we recommend that you focus on finding buy signals.

Explanations: In the simplified wave analysis (UVA), the waves consist of 3 parts (A-B-C). The last unfinished wave is analyzed. Meanwhile, the solid background of the arrows shows the formed structure and the dotted background shows the expected movement.

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