Large TF:
From September of last year, the cross-country quotes form an ascending wave model, in the form of a standard plane. Since the beginning of this year, the final part (C) is being formed in the wave structure.
Small TF:
In the framework of the ascending wave model of January 3, the corrective phase of the movement was formed throughout the past month. The structure of the wave looks complete, but there are no change signals.
Forecast and recommendations:
The flat mood of the price movement of the cross can continue in the upcoming week. Purchasing is premature. For traders, before the appearance of clear reversal signals, the best tactic will be "out of the market".
Resistance zones:
- 1.1490 / 1.1540
Support areas:
- 1.1350 / 1.1300
Explanatory notes 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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