Minute operational scale (H4)
Options for the development of the movement of the main currency pairs EUR/GBP & GBP/JPY & EUR/JPY (H4) on July 17, 2020
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Euro vs Great Britain pound
From July 17, 2020, the development of the movement of the "main" cross-instrument EUR/GBP will be determined by testing and the direction of the breakdown of the channel boundaries 1/2 Median Line (0.9115 - 0.9085 - 0.9055) of the Minuette operational scale forks - see the animation chart for details of the development of the indicated levels.
A breakdown of the support level of 0.9055 at the lower border of the channel 1/2 Median Line of the Minuette operational scale forks will make it relevant to continue the downward movement of the "main" cross-tool to the goals:
- initial SSL line (0.9025) of the Minute operational scale fork;
- initial SSL line (0.8990) for the Minuette operational scale fork;
- LTL Minuette control line (0.8855);
- minimum 0.8937 - 0.8863.
If the resistance level of 0.9115 breaks at the upper border of the channel 1/2 Median Line Minuette, the EUR/GBP movement will continue in the equilibrium zone (0.9115 - 0.9155 - 0.9195) of the Minuette operational scale forks with the prospect of reaching the final Shiff Line Minuette (0.9220).
The EUR/GBP movement options from July 17, 2020 are shown on the animated chart.
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Euro vs Japanese yen
The movement of the cross-pair EUR/JPY since July 17, 2020 will be continued in the channel 1/2 Median Line (123.00 - 122.00 - 121.00) of the Minute operational scale forks subject to testing and referral breakdown of the range:
- resistance level of 122.50 - the ultimate Shiff Line Minuette;
- support level of 122.25 - the upper bound ISL61.8 zone equilibrium of the Minuette operational scale forks.
Breakdown ISL61.8 Minuette - support level 122.25 - development of the EUR/JPY movement within the equilibrium zone (122.50 - 122.00 - 121.80) and channel 1/2 Median Line (121.80 - 121.60 - 121.35) of the Minuette operational scale forks with the possibility of reaching (after breakdown of the lower boundary of the channel 1/2ML Minuette (121.35) at the price of the instrument of the lower boundary of the channel 1/2 Median Line (121.00) of the Minute operational scale forks, control line LTL Minuette (120.65) and update the local minimum 120.24
When the resistance level of 122.50 is broken on the final Shiff Line Minuette, the EUR/JPY movement will be directed to the resistance levels:
- 123.00 - upper limit of the channel 1/2 Median Line Minute;
- 123.15 - initial line of SSL of the Minute operational scale forks;
- 123.25 - final line of FSL of the Minuette operational scale forks;
- and if there is a breakdown of these resistances, then the price of this cross-tool can continue the upward movement to the maximum 124.40.
From July 17, 2020, we look at the EUR/JPY movement options on the animated chart.
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Great Britain pound vs Japanese yen
The development of the movement of the EUR/JPY cross-instrument from July 17, 2020 will depend on the development and direction of the breakdown of the range:
- resistance level of 135.05 - UTL control line of the Minuette operational scale forks;
- support level of 134.45 - upper bound of ISL38.2 balance zone of the Minute operational scale forks.
The breakout of ISL38.2 Minute - the support level of 134.45 - will make the development of the GBP/JPY movement in the equilibrium zone relevant (134.45 - 133.15 - 131.85) of the Minute operational scale forks and channel 1/2 Median Line (132.50 - 131.65 - 130.90) of the Minuette operational scale forks.
At the break of the control line UTL of the Minuette operational scale forks - resistance 135.05 will be possible to update the local maximum 135.89 and the achievement of the price of an instrument channel borders 1/2 Median Line (137.05 - 138.15 - 139.25) of the Minute operational scale forks.
Details of the development of the GBP/JPY movement from July 17, 2020 are shown on the animated chart.
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The review is compiled without taking into account the news background, the opening of trading sessions of the main financial centers and is not a guide to action (placing "sell" or "buy" orders).
The material has been provided by InstaForex Company - www.instaforex.com