Wave pattern on the H4 chart:
The vector of price movement of the cross in the short term directs the rising wave formation of May 29. The structure lacks the final part.
Wave pattern on the H1 chart:
The last wave of this scale started on September 21. In the older wave, it completes the corrective zigzag (B).
Wave pattern on the M15 chart:
The price increase beginning October 26 will eventually move to a larger scale of movement. The closest reference level has been reached from which a downward pullback is likely in the coming days.
Recommended trading strategy:
Reducing the price of the cross pair for a short time lessens the output for sales. It is recommended to track the signals of your vehicle to search for entry into long positions.
Resistance zones:
- 131.70 / 132.20
- 129.70 / 130.20
Support areas:
- 128.40 / 127.90
Explanations to 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