Large-scale graphics:
Throughout the past year, the main vector of the euro price movement was set by the downward wave. The wave is not complete. After the current correction phase, the decline will continue.
Medium scale graphics:
From November 12 on the chart in the flat formed an ascending section. In a larger wave model, it takes the place of the final part (C). Preliminary completion of the entire recovery can be expected in the region of the 117th figure.
Small-scale graphics:
From December 20, the first part (A) of the downward wave develops. In the wake of the watch TF, she will complete the correctional stage of movement.
Forecast and recommendations:
In the near weekly period, the price of the pair is waiting for fluctuations in the side corridor. Sales can be justified only on the smallest TF reduced lot. After the completion of the whole wave, the search for entry into long positions will become relevant.
Resistance zones:
- 1.1490 / 1.1540
Support areas:
- 1.1300 / 1.1250
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.
Attention: 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