Wave pattern on the H4 chart:
From mid-August, the euro major pair forms a "widening triangle", an ascending correctional model of the wrong kind. In the classical theory, this will be an "expanded" or "shifting" plane.
Wave pattern on the H1 chart:
The descending wave of September 24 takes in the larger model placed in the middle part (B).
Wave pattern on the M15 chart:
On October 16, a new wave segment started, which looks like a zigzag. The price has reached the zone of potential large-scale reversal.
Recommended trading strategy:
The potential course of the pair exhausted downward. In the coming days, a change in the price movement vector is expected. It is recommended to track the buy signals of the pair.
Resistance zones:
- 1.1480 / 1.1530
Support areas:
- 1.1200 / 1.1150
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!
