Large TF:
Throughout last year, the general vector of the euro price movement was directed downwards. From mid-November, the price moved to the "side", forming a corrective zigzag.
Small TF:
The upward movement of March 7 in a larger scale wave gave rise to the final part (C). The price rise has a pronounced impulse character, with intermediate recoils in the form of a flat.
Forecast and recommendations:
A short-term euro pullback is possible in the coming days, after which the price rise of the major pair will continue. For the inter-day trading style, the purchase of a pair is a priority, it is more reasonable to ignore oncoming traffic.
Resistance zones:
- 1.1500 / 1.1550
- 1.1390 / 1.1440
Support areas:
- 1.1300 / 1.1250
Explanations 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!
