Simplified Wave Analysis. EUR / USD review for the week of October 29

Wave pattern of the H4 chart:

On the graph of H4 timeframe, the ascending section beginning in August is on track. The wave has the potential to grow into a full correction of the previous trend section.

Wave pattern of the H1 chart:

The downward wave of September 21 forms a distinct zigzag on the hourly chart. In the larger model, the plot took the place of the middle part (B).

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Wave pattern of the M15 chart:

From October 16, a new wave is forming which completes the larger H1 model. Within its framework, an intermediate correction of irregular shape is formed. In the coming days, a short-term price increase is likely to happen.

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Recommended trading strategy:

The conditions for changing the short-term trend direction are formed on the chart. Signals entering long positions are not yet observed. In the coming week, an expected "outback" and the trade in which is highly risky.

Resistance zones:

- 1.1480 / 1.1530

Support areas:

- 1.1340 / 1.1290

Explanations to the figures:

The simplified wave analysis uses waves consisting of 3 parts (A – B – C). For the analysis, three main TFs are used. On every last part, the incomplete wave is analyzed. Zones show calculated areas with the highest probability of reversal.

The arrows indicate the wave marking by the method used by the author. The solid background shows the formed structure while the dotted shows the expected movement.

Note: The wave algorithm doesn't take into account the duration of tool movements over time. To conduct a trade transaction, you need confirmation signals from the trading systems you use! The material has been provided by InstaForex Company - www.instaforex.com