Large-scale graph:
The dominant direction of the cross from February of last year was set by the descending wave. By now, its structure has been completed. The calculated goal of the decline and the proportions of all parts have been achieved.
Medium-scale graph:
The bullish wave from January 3 only formally refers to the H1 scale. Its high wave level in the near future will transfer all movement to a larger scale.
Small-scale graph:
From January 25, the price will drop, forming a downward wave of small scale. In the design of a larger TF area completes the hidden correction.
Forecast and recommendations:
The period of active price rise was replaced by a corrective decline. Sales in such conditions are risky. It is recommended in the area of settlement support to track the signals of purchase of the instrument.
Resistance zones:
- 144.00 / 144.50
Support areas:
- 140.80 / 140.30
Explanations of the figures:
The simplified wave analysis uses waves consisting of 3 parts (A – B – C). Three consecutive graphs are used for analysis. Each of these 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 and the dotted exhibits 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