Large TF:
Actual for today, the wave model is ascending, starting from September 10 of last year. The final part (C) is nearing completion in the structure. The whole wave has a distinct flat character.
Small TF:
In the bullish wave of January 3, the first 2 parts (A + B) are formed. Given the completeness of the structure of the middle part and the presence of a bullish plot with reversal potential, it can be argued about the beginning of the final part (C).
Forecast and recommendations:
This week, the price will continue the increase that has begun. The range of fluctuations will be limited by the area between the nearest oncoming zones. Supporters of the intersessional style may make short-term purchases, but it is more reasonable to reduce the lot.
Resistance zones:
- 1.1490 / 1.1540
Support areas:
- 1.1340 / 1.1290
Explanations 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