Large-scale graphics:
The trend of the tool throughout the past year drove quotes down. The wave structure is incomplete. From the support level achieved, the price forms a counter movement.
Medium scale graphics:
Rising wave from November 12 does not have a reversal potential. If further there is no complication of the structure with an increase in the wave level, the entire current wave will become a correction of the last segment of the main trend.
Small-scale graphics:
From December 20, a downward wave is formed on the graph, with a small stroke potential. The structure lacks the final part (C).
Forecast and recommendations:
In the next week period, the price of the pair is waiting for a flat period. Oscillations are expected in the side corridor between the nearest oncoming zones. Supporters of intersessional style can make short-term deals according to the expected movement algorithm.
Resistance zones:
- 1.1490 / 1.1540
Support areas:
- 1.1300 / 1.1250
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.
Attention: 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