EUR/USD
Analysis:
On the price chart of the European currency, the price is moving down in the last two weeks. The structure lacks the final part. This wave forms the correction plane of the medium-term wave from March 20, which is currently incomplete. It is nearing completion.
Forecast:
The pair's exchange rate is expected to move today in the price corridor between the nearest counter zones. In the European session, you should expect a short-term growth, a reversal, and the beginning of a decline no earlier than the end of the day. A breakthrough in the lower border of the support zone is unlikely today.
Potential reversal zones
Resistance:
- 1.0830/1.0860
Support:
- 1.0760/1.0730
Recommendations:
Trading the euro on the market today is appropriate only within the intraday style. Before the emergence of a clear reversal signal, the main emphasis should be on sale. When working in a flat, it is better to reduce the lot.
AUD/USD
Analysis:
The direction of the short-term trend of the Australian dollar is set by the algorithm of the rising wave from March 19. The wave develops according to the impulse type of movement. Its last section begins on May 4. In recent days, a correction has been formed within it.
Forecast:
Today, the price is expected to move mainly in the lateral plane. The probable range is shown by the boundaries of the calculated zones. In the first half of the day, a short-term ascent is assigned to the end of the day. Then you can count on a repeated decline to the support zone.
Potential reversal zones
Resistance:
- 0.6480/0.6510
Support:
- 0.6410/0.6380
Recommendations:
Today, it is better to refrain from entering the pair's market until the end of the entire corrective wave. Intraday supporters can make short-term deals with a reduced lot, according to the expected sequence.
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!
