Simplified Wave Analysis: review of EUR / JPY pair for the week of February 21
February 21, 2019 2:23 pm
Large timeframe:
The older timeframe cross shows a downward wave, which set the course of the price trend the whole year of 2018 and reached a strong level of support.
Small Timeframe:
The rising wave of January 3 has a strong reversal potential. On a larger scale, the plot will eventually form a wave equivalent to the previous decline. Before the price rushes up, a downward rollback is likely to happen.
Forecast and recommendations:
On the chart of the instrument, the preparations in continuing the upward course are completed. The flat phase of the movement may end this month while sales are not recommended. The focus is on finding signals to enter long trades. Resistance zones:
– 125.90 / 126.40
– 128.10 / 128.60
Support areas:
– 124.90 / 124.40
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!
The material has been provided by InstaForex Company – www.instaforex.com
Large timeframe:
The older timeframe cross shows a downward wave, which set the course of the price trend the whole year of 2018 and reached a strong level of support.
Small Timeframe:
The rising wave of January 3 has a strong reversal potential. On a larger scale, the plot will eventually form a wave equivalent to the previous decline. Before the price rushes up, a downward rollback is likely to happen.
Forecast and recommendations:
On the chart of the instrument, the preparations in continuing the upward course are completed. The flat phase of the movement may end this month while sales are not recommended. The focus is on finding signals to enter long trades. Resistance zones:
– 125.90 / 126.40
– 128.10 / 128.60
Support areas:
– 124.90 / 124.40
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!
The material has been provided by InstaForex Company – www.instaforex.com
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