Simplified Wave Analysis GOLD for the week of February 1

To open long positions on EUR / USD pair, you need:

Euro buyers returned to the resistance level of 1.1471, to which I paid attention in my morning review, but in order to continue the upward correction, you need to gain a foothold on it. This can be done only after weak data is released on the US labor market, which are expected in the afternoon. A break of 1.1471 will lead to a larger upward trend in the area of a weekly high of 1.1506, where I recommend taking profits. In the event of a further euro decline in the second half of the day, you can buy on a false breakdown from 1.1434 or already on a rebound from a minimum of 1.1393.

To open short positions on EUR / USD pair, you need:

Vendors have already shown themselves in the resistance area of 1.1471 and good statistics on the US labor market can quickly turn the euro down, which will lead to the updating of today's low of 1.1434. Then, the EUR / USD will likely fall to the support area of 1.1393, where I recommend to fix profits. In case of further euro growth in the second half of the day, short positions will be relevant only after the update of the maximum of 1.1506, where buyers will also record their long positions at the end of the week.

More in the video forecast for February 1

Indicator signals:

Moving averages

Trade returned to the area of 30- and 50-medium moving, which limits the upward potential of the euro.

Bollinger bands

The pair has rested against the upper limit of the Bollinger Bands indicator, and only its breakdown will lead to a new wave of growth. The lower limit around 1.1430 will help euro buyers in the event of a fall in the afternoon.

Description of indicators

MA (moving average) 50 days - yellow

MA (moving average) 30 days - green

MACD: fast EMA 12, slow EMA 26, SMA 9

Bollinger Bands 20