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FX.co ★ Review of EUR / GBP pair for a week of June 18 on simplified wave analysis

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Forex Analysis:::2018-06-18T10:43:02

Review of EUR / GBP pair for a week of June 18 on simplified wave analysis

The wave pattern of the H4 graph:

An unfinished wave of this scale of the cross plot can be considered a bearish sector of March 7. In a larger wave model, it took the place of the final part (C).

Review of EUR / GBP pair for a week of June 18 on simplified wave analysis

The wave pattern of the H1 graph:

Within the framework of a bigger formation from April 14, the price forms an upward wave. The structure of the movement shows working out of the middle part (B).

Review of EUR / GBP pair for a week of June 18 on simplified wave analysis

The wave pattern of the M15 chart:

The bearish wave of June 7 reached the upper boundary of the calculated target zone at the time of analysis. Its structure had been formed, but there are no signals of a reversal.

Review of EUR / GBP pair for a week of June 18 on simplified wave analysis

Recommended trading strategy:

Sales are risky, due to the limited reduction. In the area of the estimated support area, it is necessary to track the signals for buying a pair.

Resistance zones:

- 0.8820 / 0.8870

Support zones:

- 0.8650 / 0.8600

Explanations to the figures:

A simplified wave analysis uses a simple waveform, in the form of a 3-part zigzag (ABC). The last incomplete wave for every timeframe is analyzed. Zones show the calculated areas with the greatest probability of a turn.

Arrows indicate the counting of wave according to the technique used by the author. The solid background shows the generated structure and the dotted exhibits 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 to confirm the signals used by your trading systems.

Analyst InstaForex
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