EUR/USD
Analysis:
The direction of price movements of the European currency since July last year is set by the horizontal descending plane algorithm. All oncoming movements do not go beyond the correction, and the price is approaching the upper limit of a strong potential reversal zone. Moreover, the correction structure looks complete. There are no signals of an imminent reversal on the chart.
Forecast:
The pair's price today is expected to move between the opposite zones, with a common downward vector. A short-term growth towards the resistance zone is not excluded at the European session. The most significant activity is likely by the end of the day.
Potential reversal zones
Resistance:
- 1.1760/1.1790
Support:
- 1.1690/1.1660
Recommendations:
Trading on the euro market today is riskier and can lead to losses. Short-term sales of a small lot from the resistance zone are possible. There are no conditions for purchases.
USD/JPY
Analysis:
The control of intraday price fluctuations on the Japanese yen chart is set by the downward correction plane algorithm of March 31. The final part (C) is currently being formed. The wave structure looks complete. However, there are no reversal signals on the chart. The upward movement of August 4 does not yet have a reversal potential.
Forecast:
In the coming days, the bullish course of movement is expected to end, as well as a change of course and a pullback of the price down. The scope of the decline is likely no further than the support zone.
Potential reversal zones
Resistance:
- 110.50/110.80
Support:
- 109.80/109.50
Recommendations:
Today, trading on the Japanese yen market is possible only within the framework of individual trading sessions with a fractional lot inside the price corridor between the opposite zones.
USD/CAD
Analysis:
The downward wave from July 19 sets the direction of the major trend of the Canadian dollar. In the last two weeks, the price has formed a correction, which is still incomplete.
Forecast:
Today, a general upward movement vector is expected up to the resistance zone. At the European session, a short-term decline in the support area is not excluded. Then you can wait for the formation of a reversal and the beginning of the final part (C) of the main wave.
Potential reversal zones
Resistance:
- 1.2600/1.2630
Support:
- 1.2530/1.2500
Recommendations:
Today, in the Canadian dollar market, purchases with a reduced lot are possible at the end of counter pullbacks. Conditions for selling will be created only after the appearance of clear reversal signals in the area of the resistance zone.
GBP/JPY
Analysis:
On the chart of the pound/yen pair, the vector of the main movement is set by the upward wave from July 20. Over the past decade, the price refused to go down, forming the correction part (B). The movement is not completed yet.
Forecast:
The general flat mood of the movement is expected in the next trading sessions. In the first half of the day, you can expect a price increase to the resistance zone. Further, there is a high probability of a reversal and a price move down.
Potential reversal zones
Resistance:
- 153.50/153.80
Support:
- 152.30/152.00
Recommendations:
Trading in flat conditions is possible only with a reduced lot within the intraday. It is optimal to refrain from entering the pair's market until the entire current correction is completed and look for buy signals at its end.
Explanations: 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 consider the duration of the instrument's movements in time!