EUR/USD
Analysis:
On September 3, the quotes of the euro form an upward wave on the chart. In the larger wave model of June 25, this section became a correction. The final section (C) is formed in the wave. Since the end of last week, the price is rolling back down.
Forecast:
The preliminary calculation allows you to wait for the rise in the area of 2 price figures until its completion. Today, it is expected to continue the flat movement of the pair in the lateral plane. At the end of the day or tomorrow, the probability of a turn and the beginning of the rise increases.
Potential reversal zones
Resistance:
- 1.1170/1.1200
Support:
- 1.1100/1.1070
Recommendations:
Selling the euro today is only possible as part of an intraday reduced lot. At the end of the current pullback, it is recommended to monitor the reversal signals to find the points of purchase of the pair.
GBP/JPY
Analysis:
A bullish wave has been forming on the cross chart since the beginning of August. Its high potential makes it possible to classify the whole movement as a medium-term trend. The price reached intermediate resistance. Since the beginning of the current week, the price rolls back down.
Forecast:
Today, the price is expected to move in the side corridor between the nearest counter zones. The decrease is likely in the second half of the day. The nearest support zone shows the lower limit of the expected daily course of the pair. In the future, it can be pushed down.
Potential reversal zones
Resistance:
- 140.60/140.90
Support:
- 138.80/138.50
- 137.50/137.20
Recommendations:
Trading within the correction is quite risky and makes sense only in the intraday style. It is better to reduce the lot. The best tactic would be to refrain from entering the cross-market at the time of the decline and to buy a pair at its end.
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!
