FX.co ★ Simplified wave analysis and forecast of EUR/USD and GBP/JPY for February 24

EUR/USD

Analysis:

The direction of the trend of the European currency is set by the upward wave of March 20 last year. The quotes reached the lower limit of the strong resistance zone of a large time frame. In recent months, the price has been moving mainly in the lateral plane. Since February 5, the pair's rate forms the beginning of a new wave on the main trend.

Forecast:

Today, the bullish mood of the movement is expected to continue. In the European session, a short-term decline is possible, not below the support area. The active growth phase can be expected at the end of the day or tomorrow.

Potential reversal zones

Resistance:

- 1.2210/1.2240

Support:

- 1.2140/1.2110

Recommendations:

There are no conditions for selling on the euro market today. It is recommended to track the signals for buying the instrument in the area of settlement support.

GBP/JPY

Analysis:

In the market of the pound-yen cross, the trend sets an upward momentum. The course of the last two months has brought the price of the pair to the lower border of the strong resistance zone of the weekly chart scale.

Forecast:

Today, the general upward vector of price movement is expected to continue. In the first half of the day, a side flat is possible. A short-term decline is not excluded, not further than the support zone. The active growth phase is likely in the US session.

Potential reversal zones

Resistance:

- 150.60/150.90

Support:

- 149.30/149.00

Recommendations:

Today, there are no conditions on the pair's market for selling. It is recommended to track the signals for buying the pair at the end of all counter-pullbacks.

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 tool movements in time!