Wave pattern of the H4 chart:
From mid-July, a downward stretched plane has been developed on the price chart. It is corrects the bullish wave of the daily scale.
Wave pattern of the H1 chart:
The wave of the wave of October 3. The first two parts (AB) are fully formed in the wave structure.
Wave pattern of the M15 chart:
From October 22, the price went down, forming a downward wave. In the coming days, a short-term pullback is not excluded.
Recommended trading strategy:
Sales of the pair can be justified when trading on lower timeframes. It is recommended that you follow the pattern.
Resistance zones:
- 112.70 / 113.20
Support areas:
- 110.70 / 110.20
Explanations to the figures:
The simplified wave analysis uses 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 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 doesn't take into account the duration of tool movements over time. To trade a trade transaction, you need to confirm your trading systems!
The material has been provided by InstaForex Company - www.instaforex.com