Simplified wave analysis of EUR / USD for January 28

Large-scale graphics:

The main trend of the major trend is euro downward. The wave begins in February last year and is currently in the correction stage.

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Medium scale graphics:

The bullish wave of November 12th completes a larger correctional model. The most realistic area of completion is the nearest resistance zone, however, the probability of elongation to the next zone remains high.

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Small-scale graphics:

The bearish wave of January 10 forms the inner segment (B) in the wave of the older TF. Short-term lengthening below the support area is possible but unlikely.

Forecast and recommendations:

In the coming weeks, expected flat character of price fluctuations of the pair. On the expectations of a short-term rise, intraday purchases are possible. Major transactions are recommended to make only in the direction of the dominant trend.

Resistance zones:

- 1.1570 / 1.1620

Support areas:

- 1.1310 / 1.1260

Explanations for the figures: The simplified wave analysis uses waves consisting of 3 parts (A – B – C). The analysis uses 3 consecutive scale graph. Each of them analyzes the last, incomplete wave. 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, the dotted - 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