21.01.201910:46 Forex Analysis & Reviews: Simplified wave analysis of EUR / USD pair for the week of January 21

Large-scale graph:

The downtrend over the past year has driven the euro major prices to decline. The wave is still not complete. In its structure, the first parts (A-B) are formed.

Medium-scale graph:

The ascending section of the chart from November 12 corrects the last trend segment, which started in September. To date, the wave structure does not show completeness.

Small-scale graph:

The bearish wave of January 10 in the model of the older TF was the final part of the incorrect correction (B).

Forecast and recommendations:

In the coming weeks, the continuation of the last increase in the course of the last weeks is expected. The probability of a breakthrough to the upper zone of the resistance remains relevant. Short-term instrument purchases are possible within the inter-session.

Resistance zones:

- 1.1570 / 1.1620

- 1.1720 / 1.1770

Support areas:

- 1.1350 / 1.1300

Explanations of the figures:

The simplified wave analysis uses waves consisting of 3 parts (A – B – C). Three consecutive graphs are used for analysis. Each of these 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 and the dotted exhibits 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!