17.10.201909:54 Forex Analysis & Reviews: Simplified wave analysis for October 17th. EUR/USD: the calm before a new spurt; GBP/JPY: bulls early to fold

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EUR/USD

Analysis:

On September 3, the formation of an upward wave of complex shape continues on the euro chart. In a larger downward model, this is a correction. The wave structure is not formed. The price is approaching the lower boundary of the wide potential reversal zone.

Forecast:

In the coming days, the continuation of the current upward pair rate is expected. In the European session, a flat with a downward vector is possible. Activation of the pair's movements is likely towards the end of the day.

Potential reversal zones

Resistance:

- 1.1110/1.1080

Support:

- 1.1050/1.1020

Recommendations:

Selling euros today can be risky. It is wiser to reduce the lot. In the area of the support zone, it is recommended to focus on the search for entry points into long trades.

GBP/JPY

Analysis:

On the pair chart, there was a merger of upward figures on several TF. Due to the domino effect, the potential of the bullish wave from the beginning of August was significantly higher than the calculated one. The price is in the resistance zone of a large TF. Since October 11, it has been developing an incorrect small-scale correction.

Forecast:

The current corrective structure is expected to be completed in the coming sessions. Probably, it will pass all in a lateral plane. A further breakthrough in the price up can be expected at the end of the day or tomorrow.

Potential reversal zones

Resistance:

- 139.30/139.60

Support:

- 138.30/138.00

Recommendations:

Until the completion of the entire correction, it is optimal to refrain from entering the pair's market. Trading is possible in the intra-session style. Until the end of the day, sales of the pair look more promising. In the support area, it is recommended to look for buy signals of the pair.

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

Attention: The wave algorithm does not take into account the length of time the tool moves!

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