Wave picture of the D1 chart:
Quotations of the pair since December 2016 formed a bullish trend wave. The wave is not yet complete. On a weekly chart scale, it took the place of the final part of the outlined figure "expanded flat".
The wave pattern of the H1 graph:
In a larger bearish wave of the hourly scale, the last section starts counting from the end of March. The price has reached the upper limit of the potential reversal area of large TF.
The wave pattern of the M15 chart:
As part of the main trend since May 29, the price is rolling back up. The wave analysis shows a rather high potential for the upcoming recovery.
Recommended trading strategy:
Signals of a short-term trend change are not yet available, while purchases are premature. In the area of determined resistance, short-term sales of the instrument are possible.
Resistance zones:
- 1.1820 / 1.1870
Support zones:
- 1.1520 / 1.1470
Explanations to the figures: Simplified wave analysis uses a simple waveform, in the form of a 3-part zigzag (ABC). Every TF shows that the last incomplete wave is analyzed. Zones show the calculated areas with the greatest probability of a reversal.
Arrows indicate the wave counting according to the technique used by the trader. The solid background shows the generated structure, dotted - the expected wave motion.
Attention: The wave algorithm does not take into account the duration of the tool movements in time. To conduct a trade transaction, you need confirmation signals from your trading systems!
* The presented market analysis is informative and does not constitute a guide to the transaction.
