Large-scale graph:
The promising direction for the coming months of this cross is set by the wave model of September 7. In its structure, the middle part (B) is close to completion.
Medium-scale graph:
The descending wave from October 22 reached the upper boundary of the preliminary target zone. The wave looks complete. Signal reversal is not observed.
Small-scale graph:
From November 30, the price forms the downward wave section of the hourly timeframe. The upper limit of the potential reversal zone has been reached.
Forecast and recommendations:
In the coming days, the most likely prospect will be lateral flat on the cross-over chart. Before the upcoming change in the short-term course of the pair, you need to wait for the confirming reversal signals.
Resistance zones:
- 1.1340 / 1.1390
Support areas:
- 1.1230 / 1.1180
Explanations of the figures:
The simplified wave analysis uses waves consisting of 3 parts (A – B – C). For the analysis, three main TFs are used. On every last part, the 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 while the dotted shows 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