EUR/USD
Analysis:
The European currency has been in a downward trend since the beginning of last year. Preliminarily, the upper boundary of the target zone begins in the region of the 107th figure. The current price increase in recent months is forming a correction that has not yet been completed.
Forecast:
In the most optimistic scenario, the price of the pair can work up in the region of two figures. It is unlikely for the quotes to rise further. There are much more chances for further completion of the current course and a reversal towards the dominant trend.
Potential reversal zones
Resistance:
- 1.1250/1.1350
Support:
- 1.0850/1.0750
Recommendations:
The upward trend of the euro will still be relevant in the next week or two. Next, you should change the trading vector, focusing on the signals. It is worth considering the likelihood of a "saw": false breakouts up and sharp price reversals.
Explanations: In the simplified wave analysis (UVA), the waves consist of three 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!
