Large TF:
The main vector of the price movement since the beginning of last year is set by the bearish wave. Within its framework, from October, a corrective phase has been developed, which has entered the final phase.
Small TF
The wave of February 12 completes the upward correctional wave of a larger scale. The middle part is formed in the structure, preceding the final spurt upwards.
Forecast and recommendations:
In the nearest weekly period, an overall flat mood of movement in the side corridor, bounded by oncoming zones, is expected. In the area of support, it is recommended to track reversal signals to search for entry into long positions.
Resistance zones:
- 0.6890 / 0.6940
Support areas:
- 0.6720 / 0.6670
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