FX.co ★ Simplified wave analysis and forecast for EUR/USD and USD/JPY on June 11

EUR/USD

Analysis:

The euro has reached a strong large-scale reversal zone. Along its lower boundary, the pair's price formed a flat correction in the last week. Its structure lacks the final part (C).

Forecast:

Today, we expect a mostly sideways movement of the instrument in the price corridor between the nearest zones. By the end of the day, you can wait for the end of the course and the beginning of the climb. A short-term puncture of the lower border of the support zone is not excluded during the reversal

Potential reversal zones

Resistance:

- 1.1380/1.1410

Support:

- 1.1310/1.1280

Recommendations:

Trading the euro currency in the market before the entire correction is completed can be very risky. It is recommended to track reversal signals in the support area to find points of purchase for the pair.

USD/JPY

Analysis:

In the structure of the rising wave of the Japanese yen from March 9, the middle part (B) is nearing completion. Its last section from June 5 completes the formed horizontal plane.

Forecast:

Today, the most likely scenario for the movement is to continue going down. The target may be the upper limit of a large potential reversal zone. A short-term price rise is possible in the next session.

Potential reversal zones

Resistance:

- 107.10/107.40

Support:

- 106.30/106.00

Recommendations:

There are no conditions for purchases on the pair's market today. It is recommended to track all emerging sales signals 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 the arrows shows the formed structure, and the dotted one shows the expected movements.

Note: The wave algorithm does not take into account the duration of the tool movements in time!