The pair continues to trade in the flat range which was formed in early December. The determined levels of support and resistance are monthly extremes.
Medium-term plan.
The current upward movement is the priority. This allows traders to keep purchases made at the beginning of the week. The first target of growth remains the weekly control zone (NKZ) 1.1901-1.1885, which formed from the last week's low. The test of the specified zone will allow fixing some portion of purchases and to consider selling in case of the reversal pattern formation within the lower timeframe. The medium-term goal is the November highs, where the course of the entire upward long-term movement will be determined.
For the formation of an alternative model, a large offer will be required for testing the last week's high. There should have an absorption to more than half of the growth for this week.
Intraday plan.
There was a breakdown and consolidation above NKZ 1/2 1.1829-1.1821 yesterday. This indicates a change in priority to an upside for the second half of this week. The growth target is the weekly KZ 1.1901-1.1885. Testing the specified zone requires fixing some portion of purchases, and the remaining part to be withdrawn in the breakeven if the downward movement will continue. With the depreciation of the course, favorable prices for repeat purchases will be within the limits of the NKZ 1/4 1.1805-1.1802, which is located within the intraday course.
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. The zone is a reflection of the average volatility over the past year.
* The presented market analysis is informative and does not constitute a guide to the transaction.
