Simplified wave analysis. Overview of EUR / GBP for March 1

Large TF:

The rising wave of the cross-country that started in April last year in the course of its formation over the last weeks has changed its view to the stretched plane.

Small TF:

The direction of the short-term movement of the pair is set by the bearish wave of December 10th. The middle part of the wave (B) lengthened downwards, reaching a large-scale support zone. There are no turn signals yet.


Forecast and recommendations:

Sales of the cross-country are unpromising, because of the small expected potential for decline. Conditions for purchases have not yet been created. The flat mood is most likely. It is recommended to refrain from commercial transactions until a clearer wave pattern appears.

Resistance zones:

- 0.8650 / 0.8700

Support areas:

- 0.8540 / 0.8490

Explanatory notes for the figures: The simplified wave analysis uses waves consisting of 3 parts (A – B – C). On each of the considered scales of the graph, the last, incomplete wave is analyzed. 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, the dotted - 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 -