Large-scale graphics:
The last wave model from mid-August forms a bullish construction. The current wave level allows assigning the whole wave to the correction of the main long-term trend.
Medium scale graphics:
From late September to mid-November, the price has formed a downward stretch. In a more massive wave, it became the middle part (B).
Small-scale graphics:
The price hike, which began on November 12, gave rise to the final part (C) in a complex large-scale correctional model.
Forecast and recommendations:
In the coming week, the overall volatility of the price fluctuations of the pair will increase. The expected upside potential is limited by a large-scale counter-zone. Purchasing makes sense to make as part of intersessional trading.
Resistance zones:
- 1.1490 / 1.1540
Support areas:
- 1.1320 / 1.1270
Explanations for the figures: The simplified wave analysis uses waves consisting of 3 parts (A – B – C). For analysis, 3 consecutive graphs are used. Each of them analyzes the last, incomplete wave. 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, the dotted, the expected movement.
Attention: The wave algorithm does not take into account the duration of tool movements over time. To conduct a trade transaction requires confirming signals of the trading systems you use!
