In the second month, there was a formation of a long-term accumulation zone. Working in the framework of the flute allows you to search for favorable prices for the purchase or sale of the instrument on monthly extremes.
Medium-term plan.
At the end of last week, the pair reached a weekly short-term target of 1.2278-1.2262, which led to an increase in demand. If the pair holds above these marks, the growth will continue, and the first target will be a weekly short-term short break at 1.2457-1.2441, which formed from the lows in the previous week. To disrupt the upward momentum, one of the American sessions needs to close below the level of 1.2262. This will lead to the fall of the pair and the renewal of the March low.
Working on flat implies partial fixation of positions when weekly or monthly extremes have been reached and search for reversal patterns from the range boundaries. In the case of a breakout and fixation outside the flat, a trade plan adjustment will be required.
Intraday plan.
Today, the pair is trading between two significant zones. The main resistance is the control zone 1/2 at 1.2365-1.2357. While the tool is below the specified zone, the downward movement will remain impulsive within the intraday plan. The test of the designated zone will allow you to get favorable prices for the sale of the instrument. Confirmation of the strength of sellers will be known during one of the American sessions below the weekly control zone 1.2278-1.2262, which will keep sales in the medium term.
The daytime CP is the daytime control zone. The zone is formed by important data from the futures market.
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.
