Good afternoon, dear traders. Today, I want to introduce you to filter of currency cross-rates, which, in my opinion, deserves more attention than the rest of the instruments. Generated fractal patterns can navigate in cacophony multidirectional movements, highlighting the most attractive in terms of trade. Although the forex market is not as diverse as, for example, U.S. stocks, however you can always select a couple of interesting features. The current review is not a direct instruction to the action, but merely expresses the views of the author on the dynamics of exchange rates.
Identified the level of support 1.2250, which can be re-tested in the next day or two. After that, in the case of the formation of figures “double bottom“, there is potential for significant growth to the level of 1.2450. Forecast horizon is a week.
The forming fractal structure implies support of 1.287, which can be tested in the course of 2 days. After that, you can expect renewed growth to 1.337. Forecast horizon as well in the area of a week.
Lately, the tool displays a good upward trend. The emerging pattern in favor of further growth up to the level of 99.70. Support is poorly expressed, so foot is the shortest. Forecast for the week.
The last tool for today. In general, it is expected differently directed dynamics, support 96.60, which should be realized by the end of the month (note the analyzed time frame.) The currency pair is interesting, first of all, the possibility of a significant correction, more than 500 points. After that, the growth can continue.