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For the fourth week, the pair is trading in the mid-range range, which means working from its borders. This week, the tool tested a weekly short-term fault 1.3888-1.3863, which allowed to fix a part of sales.
Medium-term plan.
Stopping the fall on the weekly short-term fault of 1. 3888-1.3863 indicates the averaging of the position by the major hedgers. This fact can serve as a starting point for the construction of the medium-term plan. The growth of the pair up to the weekly short-term fault of 1.4137-1.4112 will speak of the continuation of the medium-term flat, while the consolidation below the level of the February low will indicate the formation of long-term downward dynamics. It is important to understand that the pair is trading near the monthly short-term fault of February 1.3826-1.3779. This indicates a high probability of keeping prices within its limits.
An alternative model will develop if the pair can consolidate above the yesterday's high in today's US session. This will allow considering growth to the upper weekly short-term fault.
Intraday plan.
Yesterday, there was a corrective growth, however, the pair could not gain a foothold above the NCP 1/2 1.3996-1.3984 by the time of the close of the American session. This is in favor of continuing the downward movement. The goal of the fall is the weekly short-term fault of 1.3888-1.3863, where the fate of the bearish pulse will be determined. If the pair can consolidate below the level of 1.3863, then the fall will continue next week. In the case of holding above the control zone, the pair will continue to form a medium-term flat.
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.
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