empty
 
 

Forex Analysis & Reviews: Simplified wave analysis and forecast for EUR/USD and USD/JPY on July 17
time 17.07.2020 09:48 AM
time Relevance up to, 18.07.2020 09:27 AM

EUR/USD

Analysis:

A correction has been forming in the structure of the dominant ascending wave since June 5. It has the form of a shifting plane. The wave (B) continues to extend upwards. It lacks the final part.

Forecast:

The pair's price movement today is limited to the nearest counter zones. After an attempt to pressure the support zone, the exchange rate is expected to change and a second attempt to break up is expected.

Potential reversal zones

Resistance:

- 1.1450/1.1480

Support:

- 1.1380/1.1350

Recommendations:

Today, trading the euro on the market is possible only within the framework of the intra-session style. The emphasis is offered to make purchases of the tool. In the area of the calculated resistance zone, after the appearance of reversal signals, you should change the trading vector.

This image is no longer relevant

USD/JPY

Analysis:

The direction of the short-term trend of the Japanese yen since June 5 is set by the bearish wave algorithm. Since the beginning of July, the final part has been developing. It is nearing completion of an interim pullback. The resistance zone shows the most likely part of its completion.

Forecast:

Today, it is expected to complete the last decade of the pair's corrective movement, form a reversal and start the price move down.

The active phase of decline is more likely at the end of the day.

Potential reversal zones

Resistance:

- 107.30/107.60

Support:

- 106.30/106.00

Recommendations:

Buying yen today is not very promising and is not recommended. The main attention is paid to the search for signals for the sale of the instrument.

This image is no longer relevant

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 arrows shows the formed structure, and the dotted ones show the expected movements.

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

Isabel Clark,
Analytical expert of InstaForex
© 2007-2023
EURUSD
Euro vs US Dollar
Select timeframe
5
min
15
min
30
min
1
hour
4
hours
1
day
1
week
Start trade
Start trade

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.

  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $10000 more!
    In January we raffle $10000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

GBP/USD. Analysis for January 31, 2023

The pound/dollar exchange rate has been moving recently with horizontal dynamics. Since quotes are still close to the peaks of waves b and e, there is nothing to say regarding

Chin Zhao 08:29 2023-01-31 UTC+2

EUR/USD. Analysis for January 31. The dollar is anticipating "hawkish" Fed signals.

The wave analysis of the euro/dollar pair's 4-hour chart hasn't changed much recently and is still complex. Although its amplitude is more appropriate for the impulse section of the trend

Chin Zhao 08:05 2023-01-31 UTC+2

Elliott wave analysis of EUR/USD for January 31, 2023

EUR/USD is again testing support at 1.0835. A break below here will confirm that wave B is complete and wave C lower to the ideal target area between 1.0437

Torben Melsted 05:59 2023-01-31 UTC+2

GBP/USD. Analysis for January 30, 2023

The wave analysis for the pound/dollar pair now appears rather complex, doesn't call for any clarifications, but starts to diverge significantly from the analysis of the euro/dollar pair. Our five-wave

Chin Zhao 15:51 2023-01-30 UTC+2

EUR/USD. Analysis for January 30. The week began quietly, and the most interesting events are yet to come.

The wave analysis for the euro/dollar pair on the 4-hour chart has not yet changed and is still complex. The upward section of the trend has taken on a pronounced

Chin Zhao 15:28 2023-01-30 UTC+2

GBP/USD, AUD/USD, USD/CHF, EUR/JPY, USDX weekly simplified wave analysis on January 30, 2023

In the coming days, the pound is expected to trade sideways along the support zone. The second half of the week may be more volatile, and the pair may resume

Isabel Clark 08:38 2023-01-30 UTC+2

Elliott wave analysis of USD/SGD for January 30, 2023

It has been a couple of weeks since we saw USD/SGD break below the S/H/S top neckline near 1.3256. With this break, the S/H/S top was activated for a decline

Torben Melsted 07:43 2023-01-30 UTC+2

Elliott wave analysis of EUR/USD for January 30, 2023

EUR/USD traded in a very narrow range between 1.0835 - 1.0900 last week, but it should just be a matter of time before support at 1.0835 breaks and confirms that

Torben Melsted 07:35 2023-01-30 UTC+2

EUR/USD. Analysis for January 28, 2023

The euro/dollar instrument's 4-hour wave marking hasn't changed much recently and is still getting more intricate, and the entire upward component of the trend is still being stretched

Chin Zhao 17:40 2023-01-28 UTC+2

Elliott wave analysis of Tesla for January 27, 2023

As we said yesterday, it was possible that Tesla would move closer to resistance near 169 before topping and that's exactly what we now are seeing about Tesla. Despite

Torben Melsted 07:00 2023-01-27 UTC+2
Can't speak right now?
Ask your question in the chat.