Large TF:
The direction of the price movements of the cross since April last year sets the algorithm of the rising wave. It has the appearance of a standard plane. In the structure, the middle part (B) is nearing completion.
Small TF:
From January 25, the price will form an upward wave, which may be the beginning of a bullish section in a larger model. The first part is completed, and in the last 2 weeks, a correction is formed in the flat.
Forecast and recommendations:
This week, the flat mood of price movements may already be completed. The level of movement is still underdeveloped until the trend reversal of the past month, but the continuation of the rise will be for sure. A supporter of intraday can make purchases in a reduced lot.
Resistance zones:
- 0.8790 / 0.8840
Support areas:
- 0.8700 / 0.8650
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