EUR/USD
Analysis:
The euro trend in the last six months is directed upwards. The last unfinished section started on May 7. Since the beginning of the current month, the price has been adjusted within it, forming a downward plane. The structure of this wave lacks the final part.
Forecast:
A downward trend is expected in the next trading sessions. If the lower limit of the nearest support is broken, the decline will continue until the next zone. By the end of the day, the probability of changing the direction of the sessional movement increases.
Potential reversal zones
Resistance:
- 1.1270/1.1300
Support:
- 1.1200/1.1170
- 1.1120/1.1090
Recommendations:
Trading the euro in the market today is possible in the intraday style. There are no conditions for purchases. Given the temporary nature of the decline, it is more reasonable to reduce the lot size when selling.
USD/JPY
Analysis:
On the chart of the Japanese yen, the correction part (B) continues to form in the ascending wave of the daily scale. The downward section from June 5 exceeded the limits of the pullback of the trend section. This is the final phase of the downward wave. In its framework, the last two weeks formed a correction in the form of a stretched plane.
Forecast:
In the coming day, the end of the upward course, the formation of a reversal, and the beginning of a price decline are expected. The bearish stage is worth waiting for at the end of the day or tomorrow. A breakout of the support zone is unlikely today.
Potential reversal zones
Resistance:
- 107.90/108.20
Support:
- 107.10/107.10
Recommendations:
Buying the yen today can be very risky. In the resistance zone, it is recommended to track the instrument's 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!
