EUR/USD
Analysis:
The exchange rate of the European currency continues to rise rapidly. The last section of the dominant upward wave counts down from November 4. Quotes have reached the zone of a potential reversal of a large scale. In its structure, since the beginning of December, a hidden correction has been formed, in which the final section is missing.
Forecast:
Today, we can count on the continuation of the dominant course. At the European session, a short-term decline in the support area or the transition of movement in the lateral plane is not excluded. In the area of the calculated resistance, the appearance of reversal signals is likely.
Potential reversal zones
Resistance:
- 1.2280/1.2310
Support:
- 1.2200/1.2170
Recommendations:
There are no conditions for sales in the euro market today. At the end of counter pullbacks, it is recommended to look for buy signals. It is worth considering the small expected potential of the upcoming price growth.
GBP/JPY
Analysis:
The direction of the price movement of the pair since the end of September is set by an upward wave. The flat nature of price fluctuations indicates a corrective wave type. The last unfinished section started on December 7. According to Elliott, this is a horizontal stretched plane. It is close to completion.
Forecast:
In the first half of the day, the pair is expected to rise. Then you can wait for the transition to the horizontal plane and the formation of a reversal. At the end of the day or tomorrow, there is a high probability of the price starting to move down.
Potential reversal zones
Resistance:
- 140.60/140.90
Support:
- 139.60/139.30
Recommendations:
Trading the pair today is appropriate within the intraday. Before the appearance of reversal signals, purchases remain a priority.
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.
Attention: The wave algorithm does not take into account the duration of the instrument's movements in time!
