Large-scale graphics:
The main vector of the price movement of the cross this year since February is set by the downward wave. The first parts (A-B) are completely formed in the movement structure.
Medium scale graphics:
On November 8, the bear wave started, which began in the larger model the final phase of the movement. The movement has a pronounced pulse character.
Small-scale graphics:
Beginning December 13, the bearish area ends the wave of the hourly scale. In the upcoming weekly period, the likelihood of a short-term price rebound remains, after which the decline will continue.
Forecast and recommendations:
The cross trend is directed downwards and attempts to trade against it will only lead to a loss of funds on the deposit. For traders in the coming weeks, the most reasonable tactic will be to sell the instrument from any counter kickbacks.
Resistance zones:
- 141.10 / 141.60
Support areas:
- 137.50 / 137.00
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