Analysis:
Since March of this year, the quotes of the European currency form a wave of an upward trend. Within the last part, the price has been adjusted along the lower border of a strong large-scale resistance in the last 3 weeks. The correction structure is nearing completion.
Forecast:
Today, the pair is expected to complete its downward trend, form a reversal, and start a price rise. When changing the course, a short-term puncture of the lower border of the support zone is possible. The active phase is likely in the afternoon.
Potential reversal zones
Resistance:
- 1.1270/1.1300
Support:
- 1.1200/1.1170
Recommendations:
Until clear reversal signals appear, trading the euro in the market can be risky. After confirming the exchange rate change, long positions are recommended.
USD/JPY
Analysis:
In the past 3 months, the Japanese currency quotes moved mainly in the lateral plane, forming a large-scale correction. Since June 5, the final part (C) has been developing in the wave structure. Within this framework, an intermediate pullback has formed in the last 2 weeks. It lacks the final part.
Forecast:
Today, the general upward mood of the price movement is expected. In the European session, pressure on the support zone is likely. The upward movement phase is more likely at the end of the day.
Potential reversal zones
Resistance:
- 107.70/108.00
Support:
- 107.00/106.70
Recommendations:
Trading the yen in the market is now possible within the intraday framework. It is recommended that priority be given to purchases. In the area of the resistance zone, the current correction is expected to complete. After confirming the reversal in this zone, you should change the trading vector.
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!
