Large-scale graphics:
The last, current wave construction on the D1 chart dates back to September of last year. The ascending shape has the form of a standard plane.
Medium scale graphics:
The bullish section of January 3 in the wave of the older TF forms the final part (C).
Small-scale graphics:
The rising wave from January 25 completes a larger ascending zigzag. The lower boundary of the preliminary target zone is in the area of the calculated resistance.
Forecast and recommendations:
In the coming weeks, the price is expected to rise in the pair, within one and a half price figures. Proponents of a mid-day style from calculated support can make short-term purchases.
Resistance zones:
- 1.1490 / 1.1540
Support areas:
- 1.1380 / 1.1330
Explanations for the figures: The simplified wave analysis uses waves consisting of 3 parts (A – B – C). The analysis uses 3 consecutive scale graph. 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.
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