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Wave pattern on the H1 chart:
The descending wave of September 24 formed a correction (B) in the older model. By some signs, the wave has completed formation.
Wave pattern on the M15 chart:
From November 12, a bullish wave with a reversal potential started up. The structure lacks the final growth phase.
Recommended trading strategy:
Preparation for the final price spurt is nearing completion. The target zone of the upcoming rise is located in the area of the 117th price figure and recommended purchases of the pair.
Resistance zones:
- 1.1490 / 1.1540
Support areas:
- 1.1360 / 1.1310
Explanations of the figures:
The simplified wave analysis uses waves consisting of 3 parts (A – B – C). For the analysis, three main TFs are used. On every last part, the incomplete wave is analyzed. Zones show calculated areas with the highest probability of reversal.
The arrows indicate the number of wave markings used by the author. While the dotted shows the formed movement.
Note: The wave algorithm doesn't 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!
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
InstaSpot analytical reviews will make you fully aware of market trends! Being an InstaSpot client, you are provided with a large number of free services for efficient trading.
