The downward movement of the pair is a priority. The goal of the fall is the monthly short-term fault of September 1.1967-1.1663. The maximum correction zone is the weekly fault of 1.1900-1.1884.
Medium-term plan.
When constructing a trading plan, at the end of the current month, it is necessary to take into account the fact that the downward movement is a medium-term impulse, which increases the probability of updating the monthly minimum and reaching the monthly short-term fault of September 1.1678-1.1663. The determining resistance is the weekly short-term fault of 1.1900-1.1884. While the pair is trading below this zone, the downward movement will be considered impulse. To disrupt the bearish model, it will be necessary to close one of the American sessions above the level of 1.1900.
To form an alternative model, you need to stop growth at current elevations and resume falling. This will allow us to consider updating the weekly minimum in the short term.
Intraday plan.
Today, the pair repeatedly tests the NCP 1/2 1.1808-1.1800, which is the determining resistance. If you do not succeed in gaining a foothold above this zone, the downward movement will continue, and the monthly minimum will be updated, and then a weekly short-term fault of 1.1679-1.1663 will be reached. To disrupt the downward structure, you will need to consolidate above the level of 1.1808 in today's US session. This will allow to consider the growth to the week-long short-term fault 1.1900-1.1884, where the destiny of the downward bearish model is already determined.
The daily short-term fault is the daytime control zone. The zone formed by important data from the futures market, which change several times a year.
The weekly short-term fault is the weekly control zone. The zone formed by important futures market marks, which change several times a year.
The monthly short-term fault is the monthly control zone. The zone, which is a reflection of the average volatility over the past year.
