By now, we can confidently state the completion of the trend rising wave, which has been counting since June 2016. The hidden descending wave, the manifestation of which can be observed on the chart since the beginning of February, has reached the same wave level as the section of the previous trend. The calculation of the target zone gives a high probability of the price moving downwards, at least by 6 price figures from the current values.
Within the bearish wave, there is a need for a rollback. It completes a completely hidden correction section, designed to increase the wave level of the entire downward wave.
In the next trading sessions, the price reduction phase is expected. Before a turn, you can not exclude a short-term price hike. The support zone is the lower border of the daily range of the pair.
The boundaries of resistance zones:
- 131.70 / 132.00
The boundaries of support zones:
- 130.70 / 40
Explanations to the figures: For simplified wave analysis, the simplest type of wave is used in the form of a zigzag, combining 3 parts (A; B; C). Of these waves, all kinds of correction are composed and most of the impulses. At each time frame, the last, incomplete wave is analyzed.
The areas marked on the graphs are indicated by the calculation areas, where the probability of a change in the direction of motion is significantly increased. Arrows indicate the wave counting according to the technique used by the author. The solid background of the arrows indicates the structure formed, the dotted one indicates the expected wave motion.
Attention: The wave algorithm does not take into account the duration of the tool movements in time. The forecast is not a trading signal! To conduct a trade transaction, you need to confirm the signals of your trading systems.
