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EUR/USD
On the chart of the European currency, the formation of an upward wave model, which started on August 1, continues. Since August 6, the middle part (B) has been developing. It has reached the standard size of elongation.
Forecast:
In the flat along the support zone, a potentially reversal structure is formed, which can be the beginning of the final part (C). The next trading sessions are expected to complete the current flat and start the upward phase of the movement. Before that, a short-term puncture of the lower border of the support zone is not excluded.
Recommendations:
Euro sales today have no prospects. In the area of the support zone, it is recommended to monitor the signals of the instrument purchase.
Resistance zone:
- 1.1160/1.1190
Support zone:
- 1.1090/1.1060
GBP/JPY
In the short term, the trend direction on the cross chart is downward. On August 13, a 2-week interim correction ended. After it, a potentially reversal wave of the wrong kind began to form on the chart. The price is close to the lower border of the potential reversal zone.
Forecast:
During the next trading sessions, it is expected to complete the upward trend of the pair, the formation of a reversal and the price move down. The nearest support shows the expected daily range of the move, but the level of the upcoming decline can be much greater.
Recommendations:
When buying the pair today, it is worth considering the small stock of a price increase. The best tactic is to refrain from trades until the end of the rise and look for the pair's sell signals at its end.
Resistance zone:
- 129.70/130.00
Support zone:
- 129.00/128.70
Explanations to the figures: Waves in the simplified wave analysis consist of 3 parts (A-B-C). The last unfinished wave is analyzed. Zones show areas with the highest probability of reversal. The arrows indicate the wave marking according to the method used by the author, the solid background is the formed structure, the dotted ones are the expected movements.
Attention: The wave algorithm does not take into account the length of time the instrument moves.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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