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19.08.202010:00 Forex Analysis & Reviews: Simplified wave analysis and forecast for EUR/USD and USD/JPY on August 19

EUR/USD

Analysis:

The direction of the trend sets the course of the rising wave from March 23. Quotes of the European currency are located in the reversal zone of a large TF. The price has reached the next resistance, which may become the starting point of correction. A reversal pattern has been formed on small-scale charts since yesterday.

Forecast:

In the coming day, it is expected to complete the reversal and start a counter decline. When changing the direction, a short-term puncture of the upper limit of the resistance is not excluded. Then you can wait for a second attempt to pressure the resistance.

Potential reversal zones

Resistance:

- 1.1960/1.1990

Support:

- 1.1890/1.1860

Recommendations:

Trading the euro in the market today can be risky. When buying, you should take into account the limited potential of the expected rise. You should resume trading only after clear reversal signals appear.

Exchange Rates 19.08.2020 analysis

USD/JPY

Analysis:

The direction of the short-term trend of the Japanese yen since June 5 is set by a downward wave. An incorrect correction has been nearing completion in its structure since the beginning of August. The downward section from August 12 has enough potential to start a new wave in the direction of the main trend. At the current moment, the price has reached the intermediate support.

Forecast:

In the next trading session, the most probable is a flat mood of the price movement, with an upward vector. The maximum expected range of price growth is shown by the resistance zone. By the end of the day, you can expect a return to the downward rate.

Potential reversal zones

Resistance:

- 105.90/106.20

Support:

- 105.30/105.20

- 104.50/104.20

Recommendations:

Trading the yen on the market is not recommended until the bullish pullback is complete. After completion, you should look for the instrument's sell signals at its end.

Exchange Rates 19.08.2020 analysis

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!

*تعینات کیا مراد ہے مارکیٹ کے تجزیات یہاں ارسال کیے جاتے ہیں جس کا مقصد آپ کی بیداری بڑھانا ہے، لیکن تجارت کرنے کے لئے ہدایات دینا نہیں.

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