Large-scale graphics:
Beginning in May of this year, the rising wave is formed in the form of a stretched plane. On the chart, the figure has the form of an expanding triangle.
Medium scale graphics:
The bearish wave from September 21 is still in the development stage. The preliminary price zone is located at the upper edge of a wide area of potential large-scale reversal.
Small-scale graphics:
The descending section of the graph of December 13 in the larger wave model gave rise to the final phase (C).
Forecast and recommendations:
The current downward trend has a small stroke potential. Sales can be applied only on small TF. For longer transactions, you need to wait for the entire current decline to complete and look for signals to buy the pair.
Resistance zones:
- 127.80 / 128.30
Support areas:
- 125.00 / 124.50
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