The downward movement last week allowed to implement the priority model. The weekly short-term fault of 1.1565-1.1547 made it possible to close part of the short position, and the rest to be transferred to a breakeven.
Today, there is a test of a weekly short-term fault of 1.1565-1.1547, which will indicate a further priority. To continue the fall, it will be necessary to close the US session below the level of 1.1547. This will open the way for the fall to the next target zone of the NCP 1/2 1.1455-1.1446. This model is a priority, since last week's movement was a bearish impulse, and correctional movements almost did not arise. At current levels, it is not profitable to look for purchases, this requires the growth of a pair to one of the resistance zones. These zones will become relevant after the formation of today's minimum.
Downward movement remains a priority, but a weekly short-term fault increases the likelihood of large demand. If this happens, then the further movement will depend on the closing level of today's trading.
An alternative growth model has an equal probability with a bearish since the pair is traded within the target zone. For the reversal, the Friday's movement will need to be absorbed and closing of today's trading will be higher than NCP 1/4 1.1600-1.1596. If this happens, then the purchases will come to the fore, the first goal of which will be the NCP 1/2 1.16.51-1.1642. The test of the specified zone will allow defining corrective there was an ascending movement or reversal.
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.
