EUR/USD
Analysis:
The European currency chart has been dominated by an upward wave since mid-March. Since the beginning of summer, the price has formed a correction. To date, the structure lacks the final section (C). The middle part (B) of the current wave lengthened upwards. The correction structure began to take the form of a stretched or shifting plane.
Forecast:
In the coming day, we expect the end of the upward mood of the euro movement, the formation of a reversal and the beginning of a downward price move. If the nearest support breaks through, the decline will continue to the level of the next settlement zone.
Potential reversal zones
Resistance:
- 1.1430/1.1460
Support:
- 1.1360/1.1330
- 1.1270/1.1240
Recommendations:
When buying euros today, you should be careful and reduce the lot. There is a high probability of a sharp change of course. After the appearance of reversal signals, sales will become the main direction of trading in the coming sessions.
USD/JPY
Analysis:
The last incomplete structure at the time of analysis on the chart of the Japanese yen is bearish. It counts down from June 5. The structure traces the first two parts (A-B). From July 1, the final part (C) began to be formed. At the end of last week, the price began to form an upward pullback, which may end in the next few hours.
Forecast:
Today, we can expect the end of the upward movement vector, a reversal and a subsequent decline in the price. If the exchange rate changes, a sharp increase in volatility is possible, with a short-term puncture of the upper limit of the resistance zone.
Potential reversal zones
Resistance:
- 107.30/107.60
Support:
- 106.30/106.00
Recommendations:
Buying yen today can be very risky and is not recommended. It is proposed to track reversal signals for entering short positions in the area of the calculated resistance.
GBP/JPY
Analysis:
The incomplete wave structure on the chart of the British cross is bearish. It has been reporting since June 8. The price has adjusted in the last 3 weeks. The structure of this movement lacks the final part (C).
Forecast:
In the coming trading sessions, the overall upward exchange rate of this currency pair is expected. A flat mood is possible in the European session. The active phase of the rise is more likely at the end of the day.
Potential reversal zones
Resistance:
- 135.90/136.20
Support:
- 134.80/134.50
Recommendations:
There are no conditions for selling the pair today. In the support area, it is recommended to track emerging signals for the purchase of 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!