EUR/USD
Analysis:
The market of the pan-European currency has been dominated by the upward trend of the daily TF since March last year. The unfinished section of the main wave counts down from November 4. Within its framework, the price has been forming a complex correction for the last six weeks. According to Elliott, at the moment, it most resembles a shifting plane.
Forecast:
In the current day, the general downward mood of the movement is expected to continue. In the European session, a short-term rise in the area of the resistance zone is likely. The active phase of decline can be expected at the end of the day or tomorrow.
Potential reversal zones
Resistance:
- 1.2170/1.2200
Support:
- 1.2090/1.2060
Recommendations:
Profitable trading on the euro market today is possible within the intraday. There are no conditions for purchases yet. Sales from the resistance zone are recommended.
GBP/JPY
Analysis:
The pair's chart is dominated by an upward trend. The current trend section has been reporting since December 21. By now, the price is approaching another large-scale resistance. There is a need for an intermediate correction.
Forecast:
After an attempt to put pressure on the resistance zone, a change in the rate is expected and the movement moves to the side plane. A decline in the support area is not excluded. Activation of the pair with a return to the main direction is likely in the following days.
Potential reversal zones
Resistance:
- 142.40/142.70
Support:
- 141.40/141.10
Recommendations:
Trading against the main trend can be very risky and is not recommended. It is most reasonable to refrain from entering the market during the correction, and at its end look for buy signals.
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 the arrows shows the formed structure, and the dotted one shows the expected movements.
Attention: The wave algorithm does not take into account the duration of the instrument's movements in time!