Search, Analyse, Trade” is a series of analyses for Price Action and Elliott Waves. Its detailed step-by-step description can be found over here. I invite you to today’s review of selected currency pairs and potential trading opportunities.The analyses are based on the Dukascopy sentiment that can be seen here.

Growth on EUR/USD, which resulted from rejection of the support zone, reached the lower limit of supply zone. Its rejection should result in continuation of descent and an attempt to form head and shoulders formation. The pair can also create an abc correction and once again try to attack this time the upper limit of the zone. Only a firm defeat of it negates bearish scenario.

Sentiment confirms bearish scenario. We see a drop in long positions and a strong increase in shorts. Therefore, I will use the resistance level to take a short position.

GBP/USD has defended support level at 1.3030. From this point we see increases that have reached the supply zone. Its rejection should result in a continuation of declines towards the trend line. Overcoming the zone opens the way to building more corrective structure.

Just like on the EUR/USD pair also here the attitude of players is bearish. Viewed growth is quite dynamic, so I will not be looking for position on this pair. I will wait for the correction of the growth and their second leg, wave C.

USD/JPY tried yesterday to defeat defended for a week support and break down thru the bottom of Inside Bar. The attempt failed and we continue to move in consolidation. Until the pair moves out in one or other direction I do not consider playing on this pair.

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