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EUR / USD
Analysis:
Since March 20, the single European currency market has been dominated by an upward trend. The wave structure is not complete today. Quotes by the beginning of this week reached a strong potential reversal zone. Over the past two days, a reversal signal has formed on the chart.
Forecast:
Today, it is expected to continue the current sideways mood of the movement in recent days. A descending vector is likely. If the price pushes the lower limit of the nearest support, you can expect a decrease to the next zone. This will be followed by a second attempt at growth.
Potential reversal zones
Resistance:
- 1.1810/1.1840
Support:
- 1.1720/1.1690
- 1.1650/1.1620
Recommendations:
Euro sales today are possible with an intra-session trading style, with a reduced lot. It is safer to wait for the end of the descending section and make purchases of the instrument at its end.
USD/JPY
Analysis:
The direction of the short-term trend of the Japanese yen since June 5 is directed to the "south" of the price chart. The wave structure is not complete. This section completes the downward correction wave of the weekly chart scale. The quotes are located in the area of a strong support level.
Forecast:
Today, in the first half of the day, you can expect a short-term price rise. Then, with a high probability, a second decline will follow. If the lower limit of the nearest support is broken, you can wait for the move to continue down to the next settlement zone.
Potential reversal zones
Resistance:
- 105.60/105.90
Support:
- 104.80/104.50
- 103.90/103.60
Recommendations:
Yen purchases are possible today, but can be risky. We recommend that you focus on finding the best entry signals for short positions.
GBP/JPY
Analysis:
On the cross chart, short-term price fluctuations fit into the bearish waves algorithm from June 8. In the last month and a half, the price forms an upward correction (C). The preliminary calculation gives about one and a half price figures of the move up to the lower border of the target zone.
Forecast:
In the next couple of days, the general upward mood of the movement is expected until the full completion of the current wave. There is a high probability of a sideways flat with a descending vector. A return to the bullish rate can be expected at the end of the day or tomorrow.
Potential reversal zones
Resistance:
- 137.50/137.80
- 136.40/136.70
Support:
- 135.70/135.40
Recommendations:
Until clear reversal signals appear, purchases remain a priority for trade transactions. In the European session, short-term sales with a reduced lot are possible.
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 arrows shows the formed structure and the dotted ones show the expected movements.
Note: The wave algorithm does not take into account the duration of the tool movements in time!
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