Wave picture of the chart D1:
From the middle of 2015, the price trend of the pair is mainly directed upwards. In the structure of this wave, the first two parts (AB) are completed. Since November last year, a reversal model is being formed for the final part (C).
The wave pattern of the graph H1:
The direction of movement of the major sets the bearish wave of February 16. In the wave of a larger TF H4, it takes the place of correction (B). The price is approaching the upper boundary of the calculated target zone.
The wave pattern of the M15 chart:
The wave of May 16 has a bullish rate and for today is not completed. In the structure of the main wave, the current lift completes the latent correction.
Recommended trading strategy:
Traders trading large segments of the schedule, you need to wait until the end of the decline. Short-term sales are recommended from the area of the resistance zone.
Resistance zones:
- 0.7000 / 0.7050
Support zones:
- 0.6830 / 0.6780
Explanations to the figures: Simplified wave analysis uses a simple waveform, in the form of a 3-part zigzag (ABC). At each TF the last incomplete wave is analyzed. Zones show the calculated areas with the greatest probability of a turn.
Arrows indicate the wave counting according to the technique used by the author. The solid background shows the generated structure, dotted - the expected wave motion.
Attention: The wave algorithm does not take into account the duration of the tool movements in time. To conduct a trade transaction, you need confirmation signals from your trading systems!