Large TF:
The direction of price fluctuations of the cross in the last six months is given by the rising wave. The wave has the form of a standard plane. In the structure, there is a clear sequence (A + B + C).
Small TF:
The rising wave of January 3 completes the larger structure. From January 30, the price is adjusted. In its process, there is a small probability of a short-term puncture of the lower boundary of the calculated zone.
Forecast and recommendations:
The period of flat movement of the cross can continue until the end of the current month. The wave algorithm indicates a continuation of price growth, but its potential is small. Purchasing can only be justified with intraday trading.
Resistance zones:
- 1.1490 / 1.1540
Support areas:
- 1.1350 / 1.1300
Explanatory notes for the figures: The simplified wave analysis uses waves consisting of 3 parts (A – B – C). On each of the considered scales of the graph, the last, 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, 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!
