EUR/USD
On August 1, an upward wave pattern has been formed on the euro chart. In the movement structure, the first parts (A + B) are completed. On September 3, the final ascent of the last part (C) began. To the minimum level of completion is not less than the price figure of the current rate.
Forecast:
The intermediate downward correction that began yesterday has a high chance of ending today. The scope of the upcoming decline may be minimal, with the transfer of the rollback in the flat "sideways". A second attempt to break up can be expected at the end of the day.
Recommendations:
Euro sales can only be used inside sessions with a reduced lot. It is worth considering the probability of a sharp change in course. It is more optimal to refrain from trading at the time of decline and look for buy signals at its end.
Resistance zone:
- 1.1050/1.1080
Support zone:
- 1.0990/1.0960
GBP/USD
The September 3 bullish wave exceeded the wave level of the previous decline wave. The current wave construction dates back to July 30. It is an upward stretched horizontal plane that looks like an expanding triangle. The preliminary completion zone is estimated at the beginning of the 126th price figure. Since yesterday, the price is adjusted down.
Forecast:
The preliminary scale of the expected decline today shows the support zone. The further downward movement is possible but unlikely. In the end, the stock increases the chance of returning to the main course.
Recommendations:
Sales of the British pound are irrelevant today. In the area of settlement support, it is recommended to track reversal signals to find entry points to long positions for this instrument.
Resistance zone:
- 1.2330/1.2360
Support zone:
- 1.2260/1.2230
Explanations to figures: Waves in the simplified wave analysis (UVA) consist of 3 parts (A-B-C). Analyzes the last unfinished wave. Zones show the areas with the highest probability of reversal. Arrows indicate the wave count used by the author to the method, a solid background structure for determining the expected movement.
Attention: The wave algorithm does not take into account the duration of the tool movements in time.
