16.08.201910:03 Forex Analysis & Reviews: Simplified wave analysis and forecast for EUR/USD and GBP/JPY on August 16

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EUR/USD

In the short term, the trend direction on the euro chart is set by the bullish wave of August 1. In its framework, a downward correction has been developing since the 6th, which has received lengthening in recent days. At the time of analysis, the price is next to the support. The structure of the correction looks completed, but the reversal signal is not observed.

Forecast:

Today, the completion of the current decline is expected, the exchange rate, and the beginning of the price rise. When turning, a short-term puncture of the lower border of the support zone is not excluded.

Recommendations:

Today, trading in the euro market is not recommended. The potential for sales has been exhausted. Until there are unambiguous signals of a change in the direction, buying the euro can be very risky. After the appearance of signals, the main attention should be paid to the pair's purchases.

Resistance zone:

- 1.1160/1.1190

Support zone:

- 1.1100/1.1070

GBP/JPY

After the completed 2-week bullish correction, the downward section of August 13 gave rise to a new trend wave. It has a reversal potential. In the last day, a correction is formed.

Forecast:

In the first half of the day, the pair is expected to complete the upward movement. In the area of the resistance zone, then you should wait for the reversal and the price move of the pair down.

Recommendations:

The purchase of the pair is possible only if the style of day's trade on small TF. In the area of the resistance zone, it is recommended to track the reversal signals on your vehicle, in order to sell the instrument.

Resistance zone:

- 128.70/129.00

Support zone:

- 127.90/127.60

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.

Attention: The wave algorithm does not take into account the length of time the instrument moves.

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