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Continuing throughout the past year, the upward correction on the euro / yen cross chart is in the final phase. The current price values are at the bottom edge of the potentially reversal zone, which in its power is able to unfold the trend. The probability of the beginning of the counter wave model is already increasing significantly in the near future.
An unfinished wave of a smaller scale is the site since June 15. It is at the end of the final part (C) of the main trend. During the last 2 weeks on the chart, a correction was formed that was completed 4 days ago. The final price increase has all chances to begin in the coming days.
In the upcoming trading sessions the most likely scenario will be "outset". After a possible attempt to pressurize the support zone, the price of the cross waits for a turn and the beginning of growth.
Boundaries of the resistance zones:
- 129.50 / 80
Support zones boundaries:
- 128.70 / 40
Explanations to the figures: For simplified wave analysis, a simple type of wave is used that combines 3 parts (A; B; C). Of such waves, all kinds of correction are composed and most of the impulses. On each considered time-frame the last, incomplete wave is analyzed.
The zones marked on the graph are indicated by the calculation areas in which 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.
Note: 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 transaction, you need to confirm the signals used by your trading systems.
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