Since February this year, the direction of the short-term trend of this cross pair is set by a downward wave. In the context of a more global bullish trend, this plot of the chart will take the place of correction. The analysis of the bearish wave structure from the beginning of March shows the development of the middle, corrective part of the wave (B). The wave has the form of a plane, with a small growth potential.
In the coming days, a general upward movement in the price movement is expected. The preliminary target zone of the entire probable recovery is within the calculated resistance zone. During the next days, you can count on a turn and a second decline. The next control area will be the nearest potential turn zone.
The boundaries of resistance zones:
- 132.30 / 132.80
The boundaries of support zones:
- 128.00 / 127.50
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.
