08.05.201910:59 Forex Analysis & Reviews: Simplified wave analysis and forecast for EUR/USD on May 8

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On the chart of the euro, intersessional trends are formed by a downward wave of March 20. In the structure, the sequence A-B-C is traced. Within the last segment, the first 2 parts are completed. Since May 1, a downward zigzag of small scale develops, in which a counter rollback has been developing since the end of last week. The price is at the lower limit of the potential reversal zone.

Forecast:

Today, the most likely scenario will be a lateral movement of the price in the area of the reversal zone. By the end of the day, it is expected to complete the entire rollback up and create conditions for changing the direction of price movement.

Recommendations:

In the next sessions, euro purchases are not very promising and may be unprofitable. In the area of the resistance zone, it is recommended to monitor the pair sale signals.

Resistance zones:

- 1.1210 / 1.1240

Support zones:

- 1.1090 / 1.1060

Explanations to the figures: Waves in the simplified wave analysis consist of 3 parts (A – B – C). The last unfinished wave is analyzed. Zones show areas with the highest probability of reversal. The arrows indicate the wave marking according to the method used by the author, the solid background is the formed structure, the dotted ones are the expected movements.

Note: The wave algorithm does not take into account the duration of tool movements over time.

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