10.05.201913:29 Forex Analysis & Reviews: Simplified wave analysis and forecast for EUR/USD on May 10

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In the structure of the dominant on the euro chart from March 20, the downward wave met almost all the conditions for the final breakthrough of the price down. At the end of the correctional part (B) from March 1, the conditions for the beginning of an active decline are formed. The price is in the area of the resistance zone. The price reduction that began yesterday has a high wave level, sufficient for the transition of this movement to a larger scale.

Forecast:

With a high probability, we can say that the preparation for the change of the intersessional trend will end today. The next session is expected to complete preparations for the reversal. The beginning of the turn down is worth the wait by the end of the day.

Recommendations:

In the coming sessions, euro purchases will become irrelevant. It is recommended to monitor the emerging reversal signals on the trading systems you use to search for entry into short positions.

Resistance zones:

- 1.1230 / 1.1260

Support zones:

- 1.1090 / 1.1060

Explanations to the figures: Waves in the simplified wave analysis consist of 3 parts (A – B – C). The last unfinished wave is analyzed. Zones show areas with the highest probability of reversal. The arrows indicate the wave marking according to the method used by the author, the solid background is the formed structure, the dotted ones are the expected movements.

Note: The wave algorithm does not take into account the duration of tool movements over time.

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