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FX.co ★ Simplified wave analysis and forecast for EUR/USD, USD/CHF, USD/CAD, GBP/JPY on June 11

Simplified wave analysis and forecast for EUR/USD, USD/CHF, USD/CAD, GBP/JPY on June 11

EUR/USD

Analysis:

The price of the major European currency has been forming an upward trend on the chart since the spring of last year. The last wave counts down from March 31. The pair's quotes reached the resistance zone of a large TF. A hidden correction has been completed in the structure of this wave. On June 4, a reversal pattern started up, giving rise to the final section (C).

Forecast:

Today, in the first half of the day, there is a high probability of a flat mood of the movement with a general downward vector. At the end of the day or tomorrow, you can expect a reversal and the beginning of active price growth.

Potential reversal zones

Resistance:

- 1.2300/1.2330

- 1.2200/1.2230

Support:

- 1.2130/1.2100

Recommendations:

In the next day, sales in the euro market will be risky and may lead to losses. It is recommended to refrain from entering the pair's market for the duration of the pullback and look for buy signals at its end.

Simplified wave analysis and forecast for EUR/USD, USD/CHF, USD/CAD, GBP/JPY on June 11

USD/CHF

Analysis:

The downward wave from April 1 sets the direction of the short-term trend on the Swiss franc chart. The price has reached the boundaries of the intermediate support zone, and a hidden correction was completed in the wave structure on June 3. The subsequent price decline has a reversal potential.

Forecast:

There is a high probability of moving in the side plane with an upward vector in the upcoming trading session. The chance of changing the direction and lowering the price increases up to the zone of settlement support.

Potential reversal zones

Resistance:

- 0.8970/0.9000

Support:

- 0.8900/0.8870

Recommendations:

There are no conditions for purchases on the franc market today. It is recommended to track the signals for selling the instrument in the area of the resistance zone.

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Simplified wave analysis and forecast for EUR/USD, USD/CHF, USD/CAD, GBP/JPY on June 11

USD/CAD

Analysis:

Since March last year, the unfinished section of the Canadian dollar's dominant bearish trend has been counting down since April 21. Since May 10, the price in the flat forms a correction in the form of a horizontal triangle within its framework. The wave is nearing completion.

Forecast:

On the next day, there is a high probability of continuing the current horizontal flat in recent weeks. After attempting to put pressure on the resistance zone in the first half of the day, a change in direction and a decline in quotes to the support zone will follow.

Potential reversal zones

Resistance:

- 1.2110/1.2140

Support:

- 1.2050/1.2020

Recommendations:

Today, purchases of the Canadian dollar are unpromising. In the upper limit of the price range, it is recommended to track the signals for selling the pair.

Simplified wave analysis and forecast for EUR/USD, USD/CHF, USD/CAD, GBP/JPY on June 11

GBP/JPY

Analysis:

The upward trend led the pound/yen pair quotes to the upper border of the powerful reversal zone of a large TF. The price decline that began on May 27 has a reversal potential and may be the beginning of a downward wave. All last week, the price formed a correction.

Forecast:

During the next day, the full completion of the upward movement is expected. By the end of the day, the probability of a reversal and a repeated decline in the support area increases.

Potential reversal zones

Resistance:

- 155.70/156.00

Support:

- 154.80/154.50

Recommendations:

The buying potential today is limited by the limits of the calculated resistance. It is more reasonable to reduce the trading lot. It is recommended to focus on the sell signals that occur in the area of the resistance zone.

Simplified wave analysis and forecast for EUR/USD, USD/CHF, USD/CAD, GBP/JPY on June 11

Explanation: In the simplified wave analysis (UVA), waves consist of 3 parts (A-B-C). The last incomplete wave is analyzed. The solid background of the arrows shows the formed structure, and the dotted line shows the expected movements.

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

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
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