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11.02.202209:45 Форекс анализи и прегледи:

EUR/USD, USD/JPY, GBP/JPY, GOLD simplified wave analysis and outlook for February 11, 2022

In the next 24 hours, trading the euro might be risky. It is possible to open short-term sell trades from the current resistance zone with a fractional lot. However, it is better to wait with opening new positions until the support zone is reached.

EUR/USD

Analysis:

The upward movement from January 28 indicates the last unfinished wave structure of the euro chart. Throughout the past week, the pair was moving in the opposite direction along strong resistance, which resembled an extended flat structure. If the price stays within the correction, the current wave will eventually move to a higher time frame. Currently, there are no signals on the chart indicating a trend reversal.

Outlook:

In the coming days, the pair is expected to complete the descending section of the trend. Then it may form a reversal and resume an uptrend. The quote is more likely to reverse at the current support zone.

Potential reversal zones:

Resistance:

- 1.1420/1.1450

Support:

- 1.1350/1.1320

Recommendations:

In the next 24 hours, trading the euro might be risky. It is possible to open short-term sell trades from the current resistance zone with a fractional lot. However, it is better to wait with opening new positions until the support zone is reached.

Exchange Rates 11.02.2022 analysis

USD/JPY

Analysis:

For defining the prospects of the yen/dollar pair on the intraday chart, let us analyze the structure of the ascending wave formed on November 30.There, we can observe a clear A-B-C zigzag pattern. The quotes have reached the upper boundary of a strong resistance zone on a larger time frame. The downward movement that started yesterday has a reversal potential.

Outlook:

The pair is likely to move sideways in the coming sessions. After the bullish pressure on the resistance zone, the price may reverse and decline towards the support area.

Potential reversal zones:

Resistance:

- 116.20/116.50

Support:

- 115.60/115.30

Recommendations:

It is not recommended to trade when the pair is moving sideways. It is better to wait for the price to complete the upcoming pullback and look for buy signals when the pullback ends.

Exchange Rates 11.02.2022 analysis

GBP/JPY

Analysis:

The GBP/JPY pair has been forming an ascending wave since the end of last year. After breaking through the intermediate resistance zone, the quote has pulled back, forming a correction against the last section (C) of the incomplete wave.

Outlook:

In the near future, the cross pair is expected to decline further. In the European session, it may also develop a short-term rise towards the resistance zone. The estimated support level may serve as the nearest downward target.

Potential reversal zones:

Resistance:

- 157.30/157.60

Support:

- 156.40/156.10

Recommendations:

Today, it is advised to trade the pound/yen pair within short trading sessions with a reduced lot. It is safer to open sell positions from the resistance zone.

Exchange Rates 11.02.2022 analysis

GOLD

Analysis:

Since March 2021, the ascending wave has been dominating on the gold's chart. The unfinished section of the wave dates back to January 28. In recent days, gold has been moving lower after touching resistance, thus forming a correction (B).

Outlook:

Gold is likely to extend its downward movement in the next few days. The estimated support zone may act as the nearest downward target. In the coming sessions, the price may go through a short-term pullback towards the resistance zone.

Potential reversal zones:

Resistance:

- 1830.0/1835.0

Support:

- 1810.0/1805.0

Recommendations:

On Friday, it is possible to go short on the instrument near the current resistance level. Trades should be closed at the first signals of a trend reversal. It is better to trade with a reduced lot.

Exchange Rates 11.02.2022 analysis

Explanation: In simplified wave analysis (SWA), waves consist of 3 parts (A-B-C). We analyze the last unfinished wave. The solid arrow background shows the structure that has been formed. The dashed lines show the expected movements.

Note: The wave algorithm does not take into account the duration of the instrument's movements over time!

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