Large-scale graph:
On the graph of the cross-over pair since September of the year, the trend is downward before last one. The price has reached a strong support.
Medium-scale graph:
The bearish stretch of November 30 completes the trend wave of a larger scale. The potential of oncoming traffic allows us to expect at least a wave of a different scale.
Small scale graph:
The rising wave of January 3 has a reversal potential. After the formation of an intermediate rollback, a further price increase will follow, with the entire movement moving to a larger scale.
Forecast and recommendations:
After the period of the upcoming price movement of the pair in the side plane, traders should focus on finding signals to enter long positions.
Resistance zones:
- 79.00 / 79.50
Support areas:
- 76.70 / 76.20
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