FX.co ★ Review of EUR / USD pair for the week of August 9 for simplified wave analysis

Overview EUR / USD pair on the week of August 9 a simplified wave analysis

The wave pattern of the H4 graph:

The trend direction of the wave is top-down and the report is from January 25. For many reasons, a correction (B) is being prepared from the current turn area.

The wave pattern of the H1 graph:

The wave is formed as a standard plane. Over time, the potential for price increases is largely reduced.

The wave pattern of the M15 chart:

The last wave of July 23 is bearish and close to completion. On a higher timeframe, it takes the place of correction. A change of course is expected in the coming days.

Recommended trading strategy:

Purchasing is the best of within the framework of the small potential. On higher timeframes, you must wait for the completion of the current correction to go up and look for signals to sell the pair.

Resistance zones:

- 1.1800 / 1.1850

Support zones:

- 1.1550 / 1.1500

Explanations to the figures:

A simplified wave analysis uses a simple waveform, in the form of a 3-part zigzag (ABC). The last incomplete wave for every timeframe is analyzed. Zones show the calculated areas with the greatest probability of a turn.

Arrows indicate the counting of wave according to the technique used by the author. The solid background shows the generated structure and the dotted exhibits the expected wave motion.

Attention: The wave algorithm does not take into account the duration of the tool movements in time. To conduct a trade transaction, you need to confirm the signals used by your trading systems.