The formation of the medium-term accumulation zone last week continues to this day. The levels of support and resistance are determined to be the October highs, whereas a test will require the fixation of transactions and the search for reversal patterns.
Medium-term plan.
The nature of the movement in the past week was headed upward, although the pair is trading in the mid-term range last month. This indicates the need to fix part of the purchases on significant resistance. In the middle of last week, the weekly short-term of the pair was tested at 0.9002 - 0.8983 which allowed the consideration of sales after the formation of the reversal pattern in the short term. The medium-term support is found at the weekly KZ of 0.8821-0.8802 and a test on this level will allow the closure of partially or completely short position and purchases can be considered when there is a formation of a reversal figure.
To form an alternative model, it will take a last fall and consolidation above the high of last week. This will open the way for growth in the November monthly short-term.
Intraday plan.
At the end of last week, there was a test of the NCI 1/2 at 0.8917-0.8908, which will determine the support levels. If the price is kept above this zone, the upward movement will resume and the first growth target will be the high of last week. To form a reversal bearish pattern, a consolidation below the level of 0.8908 during one of the nearest American sessions is needed. This will open the way for a fall to the weekly KZ 0.8821-0.8802, according to the medium-term plan.
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.
