FX.co ★ Review of EUR / USD pair for the week of June 18 via simplified wave analysis

The wave pattern of the H4 graph:

The unfinished wave of the euro major pair from January 25 is heading "south" on chart and reached the intermediate support zone.

The wave pattern of the H1 graph:

The last downward wave since the end of March has been formed. Last month, the formation of a counter correction began.

The wave pattern of the M15 chart:

The ascending segment from May 29 became the first part (A) of the bull wave. Last week, the middle phase of the movement (B) began. With a high probability, the wave will take the wrong kind of structure.

Recommended trading strategy:

At this stage of the price movement, sales are not recommended. In the support area, monitor the signals for buying the instrument.

Resistance zones:

- 1.1930 / 1.1980

Support zones:

- 1.1520 / 1.1470

Explanations to the figures:

A simplified wave analysis uses a simple waveform, in the form of a 3-part zigzag (ABC). The last incomplete wave for every time frame is analyzed. Zones show the calculated areas with the greatest probability of a turn.

Arrows indicate the counting of wave according to the technique used by the author. The solid background shows the generated structure and the dotted exhibits 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 to confirm the signals used by your trading systems.