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At the end of last week, the pair reached the monthly KZ of February 1.3826-1.3779, which led to the appearance of the first demand. Statistics indicate that keeping prices within the zone will sustain until the end of the month.
Medium-term plan.
The downward movement is a medium-term impulse and working against the priority requires the formation of a reversal pattern. It is important to note that with the weakening of the British pound made it impossible to achieve the short-term weekly KZ of 1.3740-1.3715, which could lead to an update of the monthly minimum in the short term. It is necessary to understand that the monthly short-term test obliges to close all short positions and consider any reversal pattern for the purchase of the instrument.
In case of absorption during the decline on Friday last week, it is possible to consider a reversal structure, which will allow opening of long positions for the purpose of growth to the upper monthly short-term.
Intraday plan.
The resistance level of NKZ is at 1.3904-1.3892. While the pair is trading below this zone, the downward movement will remain a priority. The purpose of the fall is the weekly short-term of 1.3740-1.3715, which will determine further plans for termination. To breach the descending structure. The American session is above the level of 1.3904, which will allow for the purchase of the instrument and looking for a fixation of purchases when the weekly short-term outline reaches 1.4045-1.4020.
The daytime CP is the daytime control zone. The zone formed by important data from the futures market that change several times a year.
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.
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