Simplified wave analysis of EUR / GBP pair for the week of December 4

Large-scale graph:

The last wave structure on the H4 is at the end of the upward wave correction of the day scale. From mid-April, the wave has formed an ascending plane.

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Medium scale graph:

The scale shows the vector of the main price moving downward close to the H1 timeframe. To date, the wave has been completed and has taken the place of correction (B) in the structure of the H4 model.

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Small-scale graph:

From November 13, the price forms an ascending formation. In recent weeks, the middle part is formed in the flat and a price increase will follow (C) after its completion.

Forecast and recommendations:

A small growth potential this week is expected this week, which will allow purchases of supporters of short-term transactions. A longer investment condition in the market is not created for the pair.

Resistance zones:

- 0.9030 / 0.9080

Support areas:

- 0.8870 / 0.8820

Explanations of 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 does not 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