The wave pattern of the H4 graph:
The main direction of the price movement of large-scale graphics sets the bearish wave of April 20. The structure of the movement has been fully formed and the price has reached the target zone.
The wave pattern of the H1 graph:
A bullish wave was formed from September 7 but it is still incomplete.
The wave pattern of the M15 graph:
The ascending segment of September 21 occupies the place of the final part (C) in the larger model.
Recommended trading strategy:
In the coming days, a price increase is expected in the market of the pair, whereas short-term purchases of short lots are possible. Supporters of trade on larger parts of the schedule need to wait for clear signals from higher timeframes.
Resistance zones:
- 1.1490 / 1.1540
Support areas:
- 1.1350 / 1.1300
Explanations of the figures:
A simplified wave analysis uses a simple waveform, in the form of a 3-part zigzag (ABC). For the analysis, the 3 main timeframes are used. The last incomplete wave for every timeframe is analyzed. Zones show the calculated areas with the greatest probability of a turn.
Arrows indicate the counting of wave according to the technique used by the author. The solid background shows the generated structure and the dotted exhibits the expected wave movement.
Attention: The wave algorithm does not take into account the duration of the tool movements in time. To conduct a trade transaction, you need to confirm the signals used by your trading systems.
The material has been provided by InstaForex Company - www.instaforex.com