EUR/USD
Analysis:
As a result of the six-month price rise, the European currency quotes reached the borders of the potential reversal zone. Over the past month, the price has formed a flat correction, resembling a shifting plane. The structure of this wave is close to completion.
Forecast:
In the coming day, the pair is expected to move mainly sideways. In the European session, the price may enter down to the settlement support. In the second half of the day, the probability of a reversal increases, with the price rising to the resistance level.
Potential reversal zones
Resistance:
- 1.1870/1.1900
Support:
- 1.1780/1.1750
Recommendations:
Trading in a correction is quite risky and can only be justified in an intra-session style. It is optimal to refrain from trading until the correction is complete and look for buy signals at its end.
USD/JPY
Analysis:
When determining the short-term trend, it is necessary to focus on the algorithm of the descending wave from June 5. In its structure, the first 2 parts (A-B) have been completed. From August 12, a reversal pattern is formed downwards, followed by a final decline (C).
Forecast:
In the coming day, we expect the end of the upward movement rate, the formation of a reversal and the beginning of the pair's downward course. When changing the course, a short-term puncture of the upper limit of the resistance zone is not excluded. The calculated support shows the lower limit of the expected daily course.
Potential reversal zones
Resistance:
- 106.50/106.80
Support:
- 105.80/105.50
Recommendations:
There are no conditions for buying yen today. In the area of the calculated resistance, it is recommended to track the reversal signals for selling the instrument.
GBP/JPY
Analysis:
As a result of the development of the rising wave from mid-March, the pair's quotes reached a wide zone of strong resistance. By now, the price has reached its upper limit. Since the end of July, the chart has been showing a "sideways" trend. The extremes of the chart draw a shape that resembles an extended plane.
Forecast:
Today, we expect the end of the price growth and the beginning of a counter movement. The active phase of decline is likely at the end of the day or tomorrow. The nearest support may delay the price within its borders.
Potential reversal zones
Potential reversal areas
Resistance:
- 139.80/140.10
Support:
- 139.20/138.90
- 138.30/138.00
Recommendations:
Purchases of the pair today can be very risky and is not recommended. The main focus is on sales of 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 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!
