Large TF:
The last unfinished wave model of the weekly bear scale is starting from August 2017. At the end of last year, the last part started (C).
Small TF:
In the bearish wave of December 10, the middle part of the structure (B) ended yesterday, having the form of a shifting plane. The decline area that started further has a high reversal potential. After the upcoming short-term rollback, it will give rise to a new round of the main wave.
Forecast and recommendations:
The flat part of a difficult correction, in which the price was in the entire past month, has been completed. Traders at the ends of the counter are encouraged to start tracking reversal signals to search for entry into short transactions.
Resistance zones:
- 0.8580 / 0.8630
Support areas:
- 0.8300 / 0.8250
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