The upward correction continued to move towards the long-term impulse for the third week. The target growth is the weekly short-term shortage at 1.2424-1.2407, where a long position should be fixed.
Medium-term plan.
The upward movement remains a priority, as the structure has not broken. The initial growth target is the weekly short-term breakdown of 1.2424-1.2407. Until this target is achieved, growth will remain in a medium-term momentum. The zone of the maximum correction is located in the week-long fault of 1.2222-1.2206. The established objective of the upward medium-term model is the monthly short-term target of September at 1.2497-1.2455, the out-of-bounds of which are not probable this month.
The alternative model will develop in case the growth last Friday is acquired and the pair can gain a foothold below the level of 1.2206 in one of the American sessions. This buoyed us to consider the continuation of a downward long-term model and the renewal of September lows.
Intraday plan.
Last weekend, there was a breakdown of significant support in the form of NKZ 1/2 1.2305-1.2298, however, there was no consolidation below this zone. This allows us to consider the continuation of the upward movement. In order for the ascending model to lose its priority status, a breakdown and consolidation below 1.2298 in the next US sessions will be required. If this happens, the next target will be a week-long fault, 1.2222-1.2206. Otherwise, growth will continue to the weekly short-term 1.2424-1.2407.
Daytime CP is the daytime control zone. The zone formed by important data from the futures market, which change several times a year.
Weekly CP is the weekly control zone. The zone formed by important futures market marks, which change several times a year..
Monthly CP is the monthly control zone. This zone is a reflection of the average volatility over the past year.
