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The development of the rising wave structure on the chart of the main pair of euros led quotations to the area of resistance zone of large scale. Given the incompleteness of the main wave model, the current price decrease since February is not reversal. The scale of this movement fits within the framework of correction of the last part of the main trend wave.
The quotations of the pair have by now reached the nearest support zone, capable of delaying further price movement to the "south". The structure of the bearish wave shows no completeness. With a very high probability, after the intermediate rollback is completed, a new stage of decline will follow.
On the scale of the upcoming week, the pair expects an upward movement vector. In the coming trading sessions you can count on the turn and the beginning of the recovery. The swing upwards limits the resistance zone. Further, we are expected to return to the main direction of the short-term trend.
The boundaries of resistance zones:
- 1.2100 / 1.2150
The boundaries of support zones:
- 1.1920 / 1.1870
- 1.1730 / 1.1680
Explanations to the figures: For simplified wave analysis, the simplest type of wave is used in the form of a zigzag, combining 3 parts (A; B; C). Of these waves, all kinds of correction are composed and most of the impulses. At each time frame, the last, incomplete wave is analyzed.
The areas marked on the graphs are indicated by the calculation areas, where the probability of a change in the direction of motion is significantly increased. Arrows indicate the wave counting according to the technique used by the author. The solid background of the arrows indicates the structure formed, the dotted one indicates the expected wave motion.
Attention: The wave algorithm does not take into account the duration of the tool movements in time. The forecast is not a trading signal! To conduct a trade transaction, you need to confirm the signals of your trading systems.
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