Large TF:
Since last fall, an upward wave model has evolved on the cross chart, which most resembles a correctional plane. The zigzag (A + B + C) is tracked in the wave structure.
Small TF:
From January 3, the cross price forms a bullish wave. The wave has a flat character. Last month, the quotes moved mostly sideways, forming a corrective phase of the movement. The wave structure looks complete.
Forecast and recommendations:
In the coming week period, you can wait for the completion of the price calm and the beginning of the price growth. The ascending section of March 4 has a high potential and can give rise to a reversal pattern. It is recommended to track buy signals.
Resistance zones:
- 1.1490 / 1.1540
Support areas:
- 1.1340 / 1.1290
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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