EUR/USD
Analysis:
The upward wave of the European currency from March 20 refers to the daily scale of the chart. The wave develops according to the impulse type of movement. By now, the price is within the boundaries of the reversal zone. In the last 3 weeks, the quotes form a horizontal zigzag.
Forecast:
In the coming day, a general sideways vector of price movement is expected. In the European session, there may be a short-term decline in the support area. Then you should wait for a return to the bullish rate, with the price rising to the resistance zone. It is possible to break its upper limit within the current day.
Potential reversal zones
Resistance:
- 1.1890/1.1920
Support:
- 1.1800/1.1770
Recommendations:
Trading the euro on the market today is most effective on intraday. When selling, you should be careful. Tool purchases are more promising.
USD/JPY
Analysis:
Since June 5, the yen chart has been dominated by a bearish wave. Within its framework, the middle part (B) is completed, which has an irregular structure. The price is approaching the preliminary zone of completion of the rise. Over the past week, the price has been moving in a lateral plane between the nearest zones of the opposite direction.
Forecast:
Today we can expect the continuation of "sideways". After the pressure on the support, a change in the movement vector is likely. The exchange rate is expected to rise no further than the calculated resistance.
Potential reversal zones
Resistance:
- 106.90/107.20
Support:
- 106.30/106.00
Recommendations:
It makes sense to trade on the pair market today only in the intra-session style. Until the appearance of unambiguous reversal signals, purchases of the pair remains the priority.
GBP/JPY
Analysis:
The pair's market is dominated by the rising wave from March 18. The price has reached the borders of a strong large-scale reversal zone. The structure needs to be corrected. Since the end of July, the pair's quotes form the beginning of a downward reversal structure.
Forecast:
The current day is expected to end the upward movement rate. A short-term decline is likely in the European session. At the end of the day, you can expect a return to the bullish direction.
Potential reversal zones
Resistance:
- 140.00/140.30
Support:
- 138.90/138.60
Recommendations:
Trading on the pair's market today is quite risky. Purchases have limited growth potential. There are no suitable conditions for immediate sales. We recommend waiting for the price growth to complete and for a clear reversal signal to sell the instrument.
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 the arrows shows the formed structure, and the dotted one shows the expected movements.
Note: The wave algorithm does not take into account the duration of the tool movements in time!
