EUR/USD
Analysis:
The price movements of the European currency in the last 2 months are set by the horizontal correction algorithm. The wave entered its final phase. The last bearish section of the wave has been reporting since May 20. It lacks the final segment. Quotes are in the zone of a potential reversal.
Forecast:
The movement of the price pair today is limited to counter zones. After an attempt to pressure the resistance zone, the price is expected to turn and move down.
Potential reversal zones
Resistance:
- 1.1030/1.1060
Support:
- 1.0960/1.0930
Recommendations:
Trading on the euro market today is possible in the intraday style. The potential for purchases is limited. We recommend that you focus on searching for sell signals in the area of the resistance zone.
AUD/USD
Analysis:
A large-scale bullish wave continues to form in the Australian dollar market. Its last section from May 4 reached the zone of intermediate resistance. Since May 26, the pair's exchange rate is adjusted.
Forecast:
The flat stop has every chance to last until the end of the current week. Today, the downward vector of the pair's movement is expected. In the European session, short-term pressure on the resistance zone is possible. A breakthrough in the lower border of the support zone is unlikely.
Potential reversal zones
Resistance:
- 0.6620/0.6650
Support:
- 0.6550/0.6520
Recommendations:
The price is falling against the trend, so sales can be risky. They only make sense in the intra-session trading style. The best tactic today is to stay out of the pair's market.
GBP/JPY
Analysis:
Since mid-March, an upward wave is formed on the pair's chart. In the past 2 months, side correction has developed. The last section started on April 30. The correction of this section is formed over the last decade. It is nearing completion.
Forecast:
Today, the price is expected to move in the side corridor between the nearest counter zones. In the European session, you can expect a price rebound up. A return to the bearish rate is expected at the end of the day or tomorrow.
Potential reversal zones
Resistance:
- 132.80/131.10
Support:
- 131.90/131.60
Recommendations:
In the next session, purchases in the pair's market with a reduced lot are relevant. In the area of the resistance zone, you should change the direction of trading and track the sell signals.
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!
