Large-scale graphics:
Over the past year, the bearish wave has set the main direction of the trend. By the beginning of the current year, the coincidence of several factors made it clear that the wave had ended.
Medium scale graphics:
The beginning upward movement of January 3 gave rise to a reversing wave construction. After its completion, a change in the vector of the short-term trend of the pair will follow.
Small-scale graphics:
The downward wave of February 2 develops in the lateral plane. In the H1 wave, it corrects the previous trend segment.
Forecast and recommendations:
The flat mood of price fluctuations of the cross will continue in the coming week. When the price reaches the settlement support zone, it is recommended to track the reversal signals in order to search for the entrance to long transactions.
Resistance zones:
- 125.90 / 126.40
Support areas:
- 123.80 / 123.30
Explanatory notes for the figures: The simplified wave analysis uses waves consisting of 3 parts (A – B – C). The analysis uses 3 consecutive scale graph. 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.
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!
