EUR/USD
Analysis:
For most of last year, the euro moved up. The unfinished section of the trend has been reporting since November 4. The price has reached the potential reversal zone, along which a correction is being formed. From December 21, a new wave began to develop on the main course.
Forecast:
Today, the general lateral vector of the pair's movement is expected. In the European session, a decline is possible up to the estimated support. The beginning of price growth can be expected at the end of the day or tomorrow.
Potential reversal zones
Resistance:
- 1.2270/1.2300
Support:
- 1.2200/1.2170
Recommendations:
Trading on the euro market today is possible only within the intraday reduced lot. Purchases of the tool remain a priority.
AUD/USD
Analysis:
Since March last year, the Australian dollar market has been dominated by bullish momentum. The last section counts from November. On December 21, the hidden correction ended, after which a new section of the main wave develops upwards. The price has reached a large-scale resistance zone.
Forecast:
On the next day, the pair's market should expect a generally downward movement, no further than the calculated support. Alternatively, a sideways drift along the resistance zone is possible. Activation and continuation of the trend are likely not earlier than tomorrow.
Potential reversal zones
Resistance:
- 0.7710/0.7740
Support:
- 0.7640/0.7610
Recommendations:
Today, there are no conditions for entering the pair's market. It is recommended to refrain from trading during the decline and look for buy signals at its end.
GBP/JPY
Analysis:
The pair's market was dominated by an upward trend for most of last year. Its last section started in mid-September. The two-month horizontal flat formed a correction. From December 21, the trend of the price forms the beginning of a new wave of small scale.
Forecast:
Today, we can expect the formation of a downward vector in the price corridor between the nearest zones. The decline is expected no further than the estimated support. You can expect a return to the upward rate in the coming days.
Potential reversal zones
Resistance:
- 141.10/141.40
Support:
- 140.10/139.80
Recommendations:
Today, it is possible to sell with a reduced lot. It is worth considering the limited potential for decline. It is safer to refrain from trading during the correction and look for entry points to long positions at the end of it.
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!
The material has been provided by InstaForex Company - www.instaforex.com