Large TF:
The main direction of the price movement from September 2017 is given by the ascending wave. By the end of last year, the price reached the bottom of the wide potential reversal zone.
Small TF:
The bearish wave from December 28 will take the place of correction in a larger model. Since the beginning of February, a correction has developed in the wave, which has reached the minimum level of completion at the time of analysis. Signal reversal is not observed, so further elongation up cannot be excluded.
Forecast and recommendations:
A temporary price rise is developing on the chart, which at any time can be replaced by a return to price reduction. Purchasing is risky. It is recommended to wait for the signals for the completion of the current rise and look for signals to sell the pair.
Resistance zones:
- 1.3650 / 1.3700
- 1.3410 / 1.3460
Support areas:
- 1.3120 / 1.3070
Explanations for the figures: The simplified wave analysis uses waves consisting of 3 parts (A – B – C). On each of the considered scales of the graph, the last, 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, 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
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