Overview and forecast for EUR / USD pair
As a result of the formation of an upward wave model, the euro major quotation reached the high-profile zone in the beginning of Autumn. Regardless of the further development prospects, the bear wave should end on this site. After its formation, it can become both an intermediate correction before the next surge of prices upward, and the first part of a new downward wave.
To forecast the direction of the price for the next few days, the last section of the TF N1 chart is interesting which gives a bearish wave of November 27. Its structure lacks the final part (C). The middle part of the wave (B) shows the first signs of an early completion.
The price is expected to be in a flat mood for the movement at the next session. The ascending vector is likely to occur. In the framework of the calculated resistance zone, the change in direction is waited out, as well as the beginning of the price move down. The time shift of the last phase for the next day is included.
Boundaries of resistance zones:
- 1.1870 / 1.1900
Boundaries of support zones:
- 1.1800 / 1.1770
Review and forecast for USD / CAD pair
On the 4-hour time frame of the major Canadian currency pair chart, an upward wave structure has been formed since September but has not yet been completed so far. In early November, the bullish mood changed the corrective phase of the movement (B), which looks like a plane. Analysis of the structure shows a high probability of its end in the coming days. The support zone in the lower channel boundary should play the role of a buffer that changes the vector of the main price movement.
In the morning for today, the downward price movement will continue. A change in the direction of the intersessional movement of the pair is expected within the support zone. In this case, a short-term breakout of its lower limit cannot be ruled out. The rise of major quotations is expected at the end of the day. When calculating time, it is significant to focus on the output of news blocks.
Boundaries of resistance zones:
- 1.2740 / 70
Boundaries of support zones:
- 1.2660 / 30
Explanations of the figures:
For simplified wave analysis, a simple waveform is used that combines 3 parts namely A, B, and C. All types of correction are created and most of the impulses can be found in these waves. Every time frame is considered and the last incomplete wave is analyzed.
The areas marked on the graphs indicate the probability of a change in the direction of motion has significantly increased as calculated in the areas. Arrows indicate the wave counting following the technique used by the author. A solid background of the arrows signifying the structure has been formed while the dotted one means the expected wave motion.
Attention: The wave algorithm does not take into account the duration of the movement of tools in time. The forecast is not a trading signal! To conduct a bargain, you need to confirm the signals used by your trading systems.