EUR/USD
In the structure of the upward wave of the euro that began on May 23, there is a distinct internal zigzag. The preliminary calculation gives an approximate guide for completion in the area of the 116th figure. The decline in the last week does not exceed the level of correction of the last wave segment. The price reached the potential reversal zone. There are no reversal signals on the chart.
Forecast:
Today, the most likely scenario of price fluctuations in the euro will be a flat mood, in the range between the opposite zones. In the morning, it is possible to put pressure on the support area. Next, an upward vector is expected. The probability of a subsequent return to the downward rate remains.
Recommendations:
There are no conditions for selling the euro today. Supporters of intraday can take advantage of the upcoming rise for short-term purchases of a small lot. In the area of the resistance zone, the reverse direction of transactions is possible.
Resistance zone:
- 1.1350/1.1380
Support zone:
- 1.1290/1.1260
USD/JPY
On the chart of the Japanese currency, the main price movement rate since the end of April sets a bearish trend. In its structure in the last 2 weeks, a counter correction has been formed. The decline that began on July 1 gave rise to a new site at the main rate. The price will reach a strong level of support.
Forecast:
Today, in the first half of the day, there is a high probability of a change of course, with a rollback of the price up. The upper limit of the range is the resistance zone. By the end of the day, the chance of a return to the downward course increases.
Recommendations:
Purchasing today can be risky because of the possible counter-kickbacks. At the end of the upcoming rise, it is recommended to monitor the signals of your trading systems for the sale of the instrument.
Resistance zone:
- 108.20/108.50
Support zone:
- 107.60/107.30
GBP/JPY
Since March, the chart is dominated by the downward rate trend. At the end of last month, the price in a narrow flat corridor formed a bullish correction. On July 1, a new section of the main wave started. The price has reached the support level.
Forecast:
In the next trading sessions, an upward pullback of the price is expected. The limit level is indicated by the resistance boundary. The resumption of the bearish course of the pair is likely by the end of the day or tomorrow.
Recommendations:
Purchases carry a high degree of risk. It is more reasonable to refrain from entering the market during the upcoming rise. At the end of the upward movement, it is recommended to track the reversal signals to find the points of sale of the cross.
Resistance zone:
- 136.30/136.60
Support zone:
- 135.50/135.20
- 134.70/134.40
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.
