Last week, the pair tested the monthly short-term fault of August 0.9330-0.9285, which led to the appearance of a large supply and absorption of the last growth. The immediate goal of the reduction is a weekly short-term fault of 0.9114-0.9095.
Medium-term plan.
In the second half of last week, a reversal pattern was formed on the junior time frame, which suggests a decline of 0.9114-0.9095 to the weekly short-term with a probability of 70%. The test of this zone will determine the further priority of the medium-term order. To continue growing, you need to keep the price above the specified zone. To be able to continue to hold sales to the new monthly short-term fault of September, one of the American sessions below 0.9095 is required, as this will indicate a change in the medium-term priority.
An alternative model will be the formation of a medium-term accumulation zone within the extremes of last week. This will allow you to find a more favorable price for the sale of the instrument since the downward model is not yet complete.
Intraday plan.
At the end of last week, the formation of a reversal model occurred, which suggests the need to find a favorable price for the sale of the instrument or to keep an already open short position. The purpose of the fall is the weekly short-term fault of 0.9114-0.9095. The nearest resistance for today will be made by NCP 1/4 0.9201-0.9197. The determining resistance limiting the maximum correction is the NCP 1/2 0.9254-0.9245. While the pair is trading below this zone, the downward movement will remain impulsive.
The 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.
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.