Simplified wave analysis of EUR / GBP for February 12

Large-scale graphics:

The last wave of the cross that is relevant for today is rising, starting from April of last year. In its structure, the middle part (B) is close to completion.

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Medium scale graphics:

The bearish stretch of December 10th in the larger wave model completes the descending plane. The preliminary targets for the reduction have been achieved, but there are no signals to change the course.

Small-scale graphics:

Despite strong support, the potential of the rising wave of January 25 is not sufficient to reverse the short-term trend. In the near future, a price reduction is expected.

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Forecast and recommendations:

In the coming week, the price of the cross-country expects to move down, mainly in the lateral plane. Signals of a change of the main movement vector have not yet been formed, therefore the best tactic remains "out of the market".

Resistance zones:

- 0.8790 / 0.8840

Support areas:

- 0.8700 / 0.8650

Explanatory notes 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