Large-scale graphics:

In the framework of the rising TF wave dominating from March in recent months, the price forms a counter-correction. The wave has an irregular appearance, forming a shifting plane.

Medium scale graphics:

The wave is descending, starting from October 4th. Despite reaching the upper part of the large-scale support zone, the final part (C) remains incomplete in the wave structure.

Small-scale graphics:

The bearish wave zigzag from November 12 reached a preliminary calculated area of a potential reversal, but the wave structure does not show completeness.

Forecast and recommendations:

The price of the pair went into the framework of a wide area of a potential reversal, making selling the pair very risky. It is recommended to wait for the completion of the entire current wave and monitor the signals for entering long positions.

Resistance zones:

- 114.20 / 114.70

Support areas:

- 111.70 / 111.20

Explanations for the figures: The simplified wave analysis uses waves consisting of 3 parts (A – B – C). For analysis, 3 consecutive graphs are used. Each of them 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, the dotted - the expected movement.

Attention: 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!