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This forecast is based on the Elliott Wave Principle which states that investor psychology is the motor behind the stock markets. In this analysis however, the analyst not only observes the previous price patterns, but also takes into account the correlation between different pairs before releasing forecasts.

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Support and resistance system should only be used in a higher timeframe chart, like one hour and above. This is necessary because at such a higher time frame, brokers cannot manipulate the price to my disadvantage.

How I draw strong support and Resistance

Before I call a level strong, the same level must met the following conditions.

  1. Must have been used as a support before.
  2. Must have been used as a resistance before.
  3. There must be a big candle that broke through it at one point in the past!

Again, when drawing my support and resistance levels, I use a range, not a single line, this is because price tends to test particular level before retrieving, range caters for these levels.

2020 EURUSD GBPUSD USDJPY
10
July

Wave Analysis During the previous trading day, instead of continuing upwards towards 1.14030-1.13902. As long as the price remains below this zone, we are looking for a possible momentum to the lower side and should go break below 1.12415 towards 1.11800. And should the price break and close above

Wave Analysis After reaching the high of 1.26685, The British pound pulled back to the lower side and is currently heading to the lower side, we expect the current bearish price rally is the continuation of the impulsive wave (c) to the lower side and should break below 1.25350 towards 1.24740. As

Wave analysis During the previous trading day, the US Dollar moved to the lower side and is now below the supportive trend line, as long as the price remains below the lower trend line, we expect nothing but a possible momentum to the lower side and should break below 106.805 towards 100.00 or eve

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