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16.09.2019 10:53 AM
Forecast for EUR/USD and GBP/JPY on September 16th. Correction before further rise

EUR/USD

On September 3, an upward wave has been developing on the euro price chart. In turn, it completes the bullish wave model of August 1. The first 2 parts are fully formed in the structure. The last section started on September 12 and is in the correction stage at the time of analysis.

Forecast:

The decline that began at the end of last week may last the entire current day. A return to the upward rate is likely at the end of the day or tomorrow.

Recommendations:

Euro sales today are not promising, therefore it makes sense only for short-term transactions within the sessions. It is recommended to skip the downside phase and start tracking the instrument purchase signals in the support area.

Resistance zone:

- 1.1090/1.1120

Support zone:

- 1.1030/1.1000

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GBP/JPY

The bullish wave of the pair from August 5 to the current day has reached the minimum lengthening size, at which the completion of the current wave is already possible. The structure looks formed, but there are no reversal signals. The price has reached the lower limit of the broad resistance zone of a large TF.

Forecast:

Today, we expect a "sideways move". In the first half of the day, the downward vector of the pair is likely. By the end of the day, the likelihood of a change in rate and a repeated rise to the area of the resistance zone increases.

Recommendations:

Selling a pair can be risky, so it is wiser to reduce the lot size. When the price reaches the calculated support, it is recommended to monitor the reversal signals to enter long positions.

Resistance zone:

- 134.70/135.00

Support zone:

- 133.90/133.60

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Explanations to figures: Waves in the simplified wave analysis (UVA) consist of 3 parts (A-B-C). The last, incomplete wave is analyzed. Zones show the 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 structure formed, the dotted one is the expected movements.

Attention: The wave algorithm does not take into account the length of time the instrument moves.

Isabel Clark,
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