Large-scale graph:
Throughout last year, the price of the instrument has been moving in line with the dominant decline. The structure of the trend wave traced the first two parts (AB). From the end of September, the final stage started (C).
Medium-scale graph:
The rising wave that began on November 12 claims to be a correction in its current wave level in the H4 scale wave. It lacks the final part (C) while the structure of the middle part (B) looks completely finished.
Small-scale graph:
The price rise that began on January 3 has a chance to become a reversal structure. In the coming days, there will be a counter-decline (B) after the price increase (A).
Forecast and recommendations:
The flat mood in the previous months will continue in the upcoming weekly period, but there are signals that the upper limit of the price range will soon break through. In the area of support, supporters of the international trade style may try to make purchases.
Resistance zones:
- 1.1490 / 1.1540
Support areas:
- 1.1350 / 1.1300
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