EUR / USD outlook for the current day
The weekly scale of the major European currency demonstrates the formation of an ascending stretched plane on the chart. Currently, the wave model has been completed. At the same time, the minimum target area turned into a price. Given the absence of a bearish reversal structure of high wave level, the probability of continuing the uptrend remains dominant. Started in the first decade of September, the downward movement in its scope did not go beyond the correction of the last section of the main trend. In the last month, the wave formed the middle part of the model (B).
Today, a general flattened mood of price fluctuations is expected. It is expected to change course because of the pressure on the resistance zone in the first half of the day. The price lower will be supported by the settlement zone.
Boundaries of resistance zones:
- 1.1850 / 80
Boundaries of support zones:
- 1.1800 / 1.1770
USD / JPY outlook for the current day
Today, an incomplete wave model for the Japanese yen major currency pair formed in the rising wave of September 8. In the previous two months, the price worked out the corrective phase, which ended in the last decade of November. The subsequent rise formed in the wave structure during the first part of the reversal model. After its completion, this zigzag will give rise to the final section (C) of the current wave.
Within the framework of the design, a bearish pullback is forming from the end of last week. Calculating the stroke potential allows waiting for the completion of the current movement in the boundaries of the support zone. the probability of a reversal and a counter price rise will sharply increase at the end of the day. A breakout in the upper boundary of the resistance zone is more likely to happen in the upcoming days.
Boundaries of resistance zones:
- 112.70 / 113.00
Boundaries of support zones:
- 111.70 / 40
Explanations to the figures:
For simplified wave analysis, a simple waveform is used that combines 3 parts namely A, B, and C. All types of correction are created and most of the impulses can be found in these waves. Every time frame is considered and the last incomplete wave is analyzed.
The areas marked on the graphs indicate the probability of a change in the direction of motion has significantly increased as calculated in the areas. Arrows indicate the wave counting following the technique used by the author. A solid background of the arrows signifying the structure has been formed while the dotted one means the expected wave motion.
Attention: The wave algorithm does not take into account the duration of the movement of tools in time. The forecast is not a trading signal! To conduct a bargain, you need to confirm the signals used by your trading systems.