Large-scale graphics:
The last, incomplete, so far large-scale wave model is the ascending segment of September 10 of last year. Since the beginning of this year, changes have occurred in the structure of the wave. Confirmation of completion of the middle part (B) yet.
Medium scale graphics:
With a high degree of probability, the bullish traffic segment of January 3 gave rise to the final part (C) in a larger structure.
Small-scale graphics:
The rising wave from January 25 reached the lower boundary of the preliminary completion zone. Signals change course is not observed.
Forecast and recommendations:
The wave structure of the cross develops according to a complex algorithm that makes identification difficult. Most likely, in the next week, the price of the pair is waiting for a flat lull period in a narrow corridor, after which the price will again attempt to break up.
Resistance zones:
- 1.1370 / 1.1420
Support areas:
- 1.1290 / 1.1240
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