You are here: Home > articles > Forex > Simplified wave analysis and forecast of EUR/USD and GBP/USD for May 1
Simplified wave analysis and forecast of EUR/USD and GBP/USD for May 1
May 1, 2019 12:21 pmVideo
Latest News
- Energy in Focus: What news awaits investors on Wall Street April 15, 2024
- Forecast for EUR/USD on April 15, 2024 April 15, 2024
- Forecast for GBP/USD on April 15, 2024 April 15, 2024
- Forecast for USD/JPY on April 15, 2024 April 15, 2024
- Outlook for EUR/USD on April 15. The euro is already falling for no apparent reason! April 15, 2024
- Trading plan for GBP/USD on April 15. Simple tips for beginners April 15, 2024
- Trading plan for EUR/USD on April 15. Simple tips for beginners April 15, 2024
- Euro will return to parity April 12, 2024
- Trading Signals for ETH/USD (Ethereum) for April 12-15, 2024: buy above $3,435 (3/8 Murray – 200 EMA) April 12, 2024
- EUR/USD. Analysis for April 12th. The euro falls down under the pressure of the news background April 12, 2024
- GBP/USD. Analysis for April 12th. A significant event: the pound fell below the 25-figure April 12, 2024
- Trading Signals for EUR/USD for April 12-15, 2024: buy above 1.0620 (-2/8 Murray – rebound) April 12, 2024
- GBP/USD: trading plan for the US session on April 12th (analysis of morning deals). The pound followed the euro April 12, 2024
- EUR/USD: trading plan for the US session on April 12th (analysis of morning deals). The euro continues to fall April 12, 2024
- EUR/USD and GBP/USD: Technical analysis on April 12 April 12, 2024
- EUR/USD: Dovish signals from the ECB and rising PPI April 12, 2024
- EUR/USD. April 12th. ECB meeting: confidence in rate cut increased in June April 12, 2024
- GBP/USD. April 12th. British economy continues to stagnate April 12, 2024
- Analysis and trading tips for EUR/USD on April 12 (US session) April 12, 2024
- Analysis and trading tips for USD/JPY on April 12 (US session) April 12, 2024
EUR/USD
Over the past six months, a complex upward corrective pattern has been developing on the European currency chart. The unfinished wave of short-term scale is bearish, starting from March 20. By the current day, it forms the final part (C), within which, in turn, an upward corrective pullback is completed. The price of the pair pushed the minimum level of elongation, coming close to the lower border of the strong resistance zone.
Forecast:
At the next sessions, the price rise, which has taken place in the last days, is expected to complete, with the overall flat nature of the fluctuations. A short-term puncture of the upper border of the reversal zone is not excluded. The change of course of the pair can last all day.
Recommendations:
Before the appearance of reversal signals, euro pair purchases make sense in the form of short-term transactions “scalping”. For longer trading, it is recommended to refrain from trading until a clear signal appears that the euro will change.
Resistance zones:
– 1.1230 / 1.1260
Support zones:
– 1.1090 / 1.1060
GBP/USD
On the British pound chart, a bearish wave is formed from mid-March, in which the first 2 parts (A + B) are fully completed. As part of the weaving finishing area, a counter-lift has developed since the end of last week. The level of minimum lengthening of the correction was broken yesterday, the price reached the lower boundary of the strong zone of potential reversal. Signals of an emergency change of course is not observed on the chart.
Forecast:
The reversal zone is strengthened by the resistance level of the highest TF, so the probability of completion of the entire rise in this zone is very high. In the upcoming sessions, the end of the upward section of the movement, the formation of a reversal and the beginning of the price move down are expected.
Recommendations:
Buying the pound today is hopeless. In the settlement zone, it is recommended to track reversal signals on your trading systems to find the entry point to short positions.
Resistance zones:
– 1.3050 / 1.3080
Support zones:
– 1.2950 / 1.2920
Explanations for 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.
Note: The wave algorithm does not take into account the duration of tool movements over time.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: