Last week, the downward medium-term impulse was continued, which indicates the need to hold a part of the short position. Violation of the structure will occur in case of absorption of last week's fall.
Medium-term plan.
For today, there is a medium-term impulse in a downward movement. Hence, it is necessary to look for targets in fixing sales that were committed earlier. The immediate goal remains the weekly KZ of 1.1664 - 1.1648. The test of this zone can lead to the emergence of a large demand which obliges to close the majority of sales when it touches. To disrupt the downward model, the pair is needed to consolidate above the last week high. This will open the way for the test of the weekly KZ of 1.1853-1.1837. Monthly options were due at the end of last week, which led to a sharp increase in the exchange rate. Formation of the reversal pattern has not yet occurred. Hence, purchases in the mid-term are not yet considered.
To form an alternative model, you will need to continue growing from the current grades. This will break the structure on the junior timeframe through the breakdown of the control zone, which will open up opportunities for purchases.
Intraday plan.
Today, the pair is trading near the NKZ 1/2 1.1761-1.1753, which determines the resistance. While the course does not consolidate above this zone, the downward movement will remain a priority. The goal of the decline is the weekly KZ of 1.1664 - 1.1648 which is located in the daylight that makes it an excellent goal. To form a reversal upward model, the closing of the American session above 1.1761 level will be required. This will open the way for growth to the week-long KZ of 1.1853 - 1.1837.
The daytime CP is the daytime control zone. The zone formed by important data from the futures market that change several times a year.
The weekly CP is the weekly control zone. The zone formed by marks from important futures market which change 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.
