EUR/USD
Analysis:
The upward wave of the European currency from March 20 entered the final phase. Since May 7, the final part of the wave model has been developing. In its framework, since June 4, the price forms a correction in the form of a stretched plane. By now, its structure looks complete, however, there are no immediate reversal signals on the chart yet.
Forecast:
In the next trading sessions, a sideways course of price movement is expected. The probability of pressure on the support zone remains, with a short-term puncture of its lower border. By the end of the day, you can expect a change in the exchange rate and the beginning of price growth.
Potential reversal zones
Resistance:
- 1.1310/1.1340
Support:
- 1.1230/1.1200
Recommendations:
Until clear reversal signals appear, trading the euro in the market is risky. After the purchase signals appear, it is recommended to enter long positions.
USD/JPY
Analysis:
The direction of the Japanese yen's price movement in the last 3 months is set by the flat bearish wave algorithm. In a larger wave structure, this is a correction. Since June 5, the final part (C) of the current design is being developed.
Forecast:
Today, we expect the end of the upward pullback, the formation of a reversal, and the price move down. The active phase is likely in the US session.
The estimated support zone is located at the upper edge of the preliminary target zone.
Potential reversal zones
Resistance:
- 107.30/107.60
Support:
- 106.30/106.00
Recommendations:
There are no conditions for buying a pair today. Sales are recommended. Signals for them are best tracked in the area of the resistance zone.
GBP/JPY
Analysis:
The active June decline made adjustments to the structural markup. The current section can be attributed to the final part of the main correction, leading the report from April. The price has reached the upper limit of the strong potential reversal zone. The structure shows its incompleteness.
Forecast:
Today, there is a high probability of a flat character of the pair's movement, in the corridor between the nearest oncoming zones. In the European session, you can wait for the end of the rise. A reversal and downward movement of the price is more likely by the end of the day.
Potential reversal zones
Resistance:
- 134.50/134.80
Support:
- 133.60/133.30
Recommendations:
Trading on the pair's market today is only possible with an intraday trading style. When buying, you should reduce the lot. We recommend that you focus on searching for a sell signal in the area of the calculated resistance.
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!
