Large-scale graphics:
Beginning in April of last year, the downward wave sets the main motion vector for the short-term trend of the pair. In the structure of the wave, it completed the first 2 parts. From the beginning of November, the price began to form the final downstream segment (C).
Medium scale graphics:
From the support zone of large scale on December 12, the wave structure develops upwards. In the wave of TF H4, it became a correction.
Small-scale graphics:
The bullish segment of January 3 in the larger model forms the final part of the wave (C). The wave structure at the time of analysis is not complete.
Forecast and recommendations:
In the coming days, it is worth waiting for a price pullback down. Short-term purchases of a pair are possible from settlement support. For longer deals, wait for the entire current recovery to complete.
Resistance zones:
- 1.3050 / 1.3100
Support areas:
- 1.2730 / 1.2680
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