At the beginning of this week, the pair stayed between two short-term short-circuits. The support is found at 1.1863-1.1847 zone while resistance is located at the levels of 1.2045-1.2029. It should be noted that a medium-term accumulation zone is forming throughout the whole month of September.
Medium-term plan.
The opening of trading this week occurred in the middle of the flat range which is formed in the first half of this month. Hence, the weekly and monthly barriers come to the fore located positioned within the weekly short-term. The aim of the downward movement is the NKZ 1.1863-1.1847 and successfully reaching the specified zone will allow fixing a part of sales. The consolidation below the level of 1.1847 will open the way for the reduction to the monthly short-term KZ of September at 1.1678-1.1633 in the medium term.
The alternative option is already in progress, aiming for a weekly short-term test of 1.2045-1.2029. There is a likelihood of an increase which will open the possibility for a return to the monthly minimum.
Intraday plan.
The critical resistance for today remains NKZ 1/2 at 1.1953-1.1945. The consolidation above did not occur after the closing of trading last week. Consequently, the continuation of a downward movement can be considered if the price is kept below the control zone. Deliberating on purchases, it is needed to close one of the American sessions above the level of 1.1953. This could lead to an uptrend towards the weekly target of 1.2045-1.2029 for short-term.
The daytime CP is the daytime control zone. The zone formed by important data from the futures market which changes several times a year.
The weekly CP is the weekly control zone. The zone is formed by important futures market marks, which changes several times a year.
The monthly CP is the monthly control zone. The zone is a reflection of the average volatility over the past year.
