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Business / Finance

EUR/USD, GBP/JPY. Simplified wave analysis and forecast for 16 August

RSS feed for Forex Review 16.08.2019 at 07:30

Daily analytical reviews of the Forex market

EUR / USD

In the short-term direction of the trend on the chart of the Euro specifies the bullish wave from 1 Aug. In the framework of 6 develops downward correction, received the elongation in the last days. At the time of analysis, the price is near the next support. The structure of the correction looks completed, but the reversal signal is not observed.

Forecast:

Today is expected to be completed in the current last days of the reduction, course change and the beginning of the price rise. When reversal is not excluded short-term puncture of the lower border of the support zone.

Recommendations:

Today the market the Euro is not recommended. For exhausted sales potential. Before the emergence of clear signals of change of direction of the purchase of the Euro can be very risky. After the appearance of the signals, the main attention should be paid to the pair.

resistance:

- 1.1160/1.1190

support Area:

- 1.1100/1.1070

GBP / JPY

After the completed 2-week bullish correction the slope of 13 August gave rise to a new trend wave. He has a reversal potential. In recent days, the formed correction.

Forecast:

In the first half of the day today is expected to complete the ascending movement of the pair. In the area of resistance then we should expect a reversal and price movement of the pair down.

Recommendations:

the purchase of the cross is possible only if the style of day's trade on small TF. In the area of resistance it is recommended to track the reversal signal on your vehicle, for the purpose of sale tool.

resistance:

- 128.70/129.00

support Area:

- 127.90/127.60

explanation of the drawings: Waves in a simplified wave analysis consist of 3 parts (A-b-C). Analyzes the last unfinished wave. The zones show areas with the highest probability of a reversal. Arrows indicate the wave count used by the author to the method, a solid background structure for determining the expected movement.

Note: the Wave algorithm does not take into account the length of movement of the tool over time.

the Material has been provided by InstaForex company - www.instaforex.com