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29.12.202109:46 Forex Analysis & Reviews: EUR/USD, GBP/USD, USD/JPY simplified wave analysis and outlook for December 29

EUR/USD

Analysis:

The main European currency pair has been losing ground against the US dollar throughout the year. Over the past month, the price has been correcting along the upper boundary of the powerful reversal zone of the large timeframe. The unfinished part of the correction is upward from December 20.

Outlook:

In the next 24 hours, the downward pullback which has been going on for the last few days is expected to be completed. In the area of the support zone, we can expect a reversal and the beginning of the rise of the pair's rate. In case the upper boundary of the nearest resistance is broken, the growth will continue till the next zone.

Potential reversal zones

Resistance:

- 1.1450/1.1480

- 1.1350/1.1380

Support:

- 1.1290/1.1260

Recommendations:

There are no conditions to sell the euro in the coming sessions. In the area of the calculated support zone, it is recommended to monitor emerging signals to buy the instrument.

Exchange Rates 29.12.2021 analysis

GBP/USD

Analysis:

Within the main bearish wave since early November, an upward correction is forming on the chart of the English pound sterling. Its structure looks like a shifting plane. By now the wave looks completed, but there are no reversal signals on the chart. The price is near the lower boundary of the potential reversal zone.

Outlook:

The most likely scenario for the upcoming trading sessions will be sideways with a downward vector, no further than the support zone. A renewed rate hike can be expected at the end of the day or tomorrow.

Potential reversal zones

Resistance:

- 1.3450/1.3480

Support:

- 1.3380/1.3350

Recommendations:

There are no conditions for selling in the English pound market today. It is recommended to refrain from entering the pair's market for the time of price decrease, watching for buying signals in the area of calculated support.

Exchange Rates 29.12.2021 analysis

USD/JPY

Analysis:

The upward wave of the Japanese Yen major chart continues to drive the pair's quotations upwards. Over the past two months, the price has been within the strong pivot zone of the senior timeframe, gradually moving to its upper boundary. There are no signals of an imminent change of course on the chart.

Outlook:

In the first half of the day a weakly ascending vector of price movement, with rate growth to the resistance zone, is possible. Then with a high degree of probability, we can expect a reversal and the beginning of price decrease. The most likely lower boundary of the daily move is shown by the calculated support.

Potential reversal zones

Resistance:

- 115.10/115.40

Support:

- 114.30/114.00

Recommendations:

Trading in the Japanese yen market today is only possible in individual trading sessions with fractional lots. Buying is riskier and may lead to losses. Trades will become possible after the occurrence of unambiguous signals from your trading systems to sell near the resistance zone.

Exchange Rates 29.12.2021 analysis

Explanation: In simplified wave analysis (SVA), waves consist of 3 parts (A-B-C). The last unfinished wave is analysed. The solid arrow background shows the structure formed. The dotted arrow shows the expected movements.

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

*La presente analisi del mercato ha un carattere esclusivamente informativo e non rappresenta una guida per l`effettuazione di una transazione.

Isabel Clark,
Analytical expert of InstaSpot
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