Large-scale graphics:
At the end of the downward wave of daily scale, correcting a part of the global trend, from the beginning of September, a potential reversal bull construction began to form.
Medium scale graphics:
The price reduction that began on October 22 formed the middle part (B) in the model of the older TF.
Small-scale graphics:
Since December 11, a potential reversal wave has been formed in the corridor between the oncoming zones. After the completion of the current decline, the initial framework structure (AB) for the price rise will be created.
Forecast and recommendations:
In the side flat, the conditions for changing the direction of the short-term trend are formed on the cross chart. Prior to the appearance of reversal signals on working TF, entry into trade transactions is not recommended.
Resistance zones:
- 1.1340 / 1.1390
Support areas:
- 1.1230 / 1.1180
Explanations for the figures: The simplified wave analysis uses waves consisting of 3 parts (A – B – C). For analysis, 3 consecutive graphs are used. 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