Large-scale graphics:
The bearish wave dominating from last January continues to set the main vector for the price movement of the pair. The opposite movement does not exceed the level of correction.
Medium scale graphics:
The rising wave of the instrument, which began on January 3, has a high wave level and will eventually move to a larger scale. In the structure of the movement in recent weeks, the middle part (B) is formed.
Small-scale graphics:
The descending section from January 31 is close to the calculated target zone. In a larger design, the wave completes a bearish correction, having the form of an expanding triangle.
Forecast and recommendations:
In the coming weeks, a major price increase is expected on the major chart. In the area of calculated support, it is recommended to track long entry signals.
Resistance zones:
- 0.7340 / 0.7390
Support areas:
- 0.7070 / 0.7020
Explanations 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!