At the end of last week, a correctional model was formed, which allowed testing the weekly short-term fault of 1.1741-1.1725. There was no disturbance of the upward momentum, which indicates a high probability of a monthly maximum update.
Medium-term plan.
The emergence of demand for the test of a weekly short-term fault of 1.1741-1.1725 indicates the continuation of an upward medium-term pulse. The first goal of growth is the monthly maximum. It is important to note that the current upward movement is a strong structure, so there is no need to hurry with the search for sales. The reversal pattern must be considered in the junior time frame. It should be noted that in the current stage, the probability of forming a medium-term accumulation zone increases, where extremes of last week will come to the fore.
An alternative model will develop if the pair can consolidate below 1.1725 at an American session. This will allow us to consider the movement towards the lower monthly short-term fault of August.
Intraday plan.
The determining resistance at the beginning of this week is NCP 1/2 1.1819-1.1811. While the pair is trading below this zone, the downward movement remains impulsive. The first purpose of the fall is the weekly short-term fault of 1.1741-.1725. To disrupt the downward structure, you will need to consolidate above 1.1819 at today's US session. If this happens, then the bullish medium-term impulse will resume, which will lead to a monthly maximum update in the near future.
Daytime short-term fault is the daytime control zone. The zone formed by important data from the futures market, which change several times a year.
Weekly short-term fault is the weekly control zone. The zone formed by important futures market marks, which change several times a year.
Monthly short-term fault is the monthly control zone. The zone, which is a reflection of the average volatility over the past year.