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EUR/USD
Analysis:
The short-term exchange rate of the European currency sets the algorithm for the rising wave from March 20. During the entire past month, the price forms a counter structure, which does not yet go beyond the correction of the last part of the wave (C). Its structure lacks a final reduction.
Forecast:
A general downward trend is expected over the next day. In the European session, a short-term rise to the resistance level is not excluded. The active phase of decline is more likely at the end of the day or the beginning of the next trading week.
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 intra-session style. When purchasing, you should be careful because of the small expected size of the lift. Priority should be given to the pair's sales.
USD/JPY
Analysis:
On the chart of the Japanese yen, the direction of the short-term trend is set by the algorithm of the rising wave from March 9. In the last 3 months, the price forms a downward zigzag, in which the final part (C) is not completed. Since the beginning of June, the price has been adjusted in the form of a stretched plane. The correction wave is close to completion.
Forecast:
Today, the general flat mood of the pair's movement is expected. In the European session, we should expect a short-term price increase to the resistance borders. Next, the exchange rate is likely to change and the price will move down to the area of the settlement support zone.
Potential reversal zones
Resistance:
- 107.80/108.10
Support:
- 107.10/106.80
Recommendations:
Buying on the pair's market today can be quite risky. The main attention should be paid to the search for sales signals.
GBP/JPY
Analysis:
The long-term trend of the pair since mid-March looks to the north of the price chart. But since June 8, it is corrected, setting a downward short-term trend. In the structure of this wave, the correction is nearing completion of the middle part (B). The price is at the lower border of the strong zone of a potential reversal.
Forecast:
During the next trading sessions, the end of the downward mood, a reversal, and price rise is expected. By the end of the day, you can expect a second change in the exchange rate and the price will move down. A break in the lower border of the support zone is likely next week.
Potential reversal zones
Resistance:
- 134.60/134.90
Support:
- 133.70/133.40
Recommendations:
Today, the probability of a price "saw" is high. Trading is only possible within the intraday. Purchases are risky and can be unprofitable. The main attention should be paid to the search for signals for selling 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!
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