Medium-termtrend: Bearish
The bear market is continuing. The price has already reached the target zone №1 1.10229-1.10157 and it has a potential to reach the target zone №2 1.09869-1.09833. The best prices to try to have a short position are the control resistance zone 1.10986-1.10914. In case of the price is fixed upper the control resistance zone the medium-term trend will be changed to the bull market and all short positions should be closed.
Trading recommendation:
It’s recommended to try to have a short position near the control resistance zone 1.10986-1.10914 (80 points from current minimum) with using the pattern «Head&Shoulders» at least on timeframe M15.
The control resistance zone is constructed from the current minimum. If this minimum changes by n points the zone should also be shifted n points down. The risk/reward ratio for every order should be at least 1/3.
The bear market is continuing. The price has already reached the target zone №1 1.10229-1.10157 and it has a potential to reach the target zone №2 1.09869-1.09833. The best prices to try to have a short position are the control resistance zone 1.10986-1.10914. In case of the price is fixed upper the control resistance zone the medium-term trend will be changed to the bull market and all short positions should be closed.
Trading recommendation:
It’s recommended to try to have a short position near the control resistance zone 1.10986-1.10914 (80 points from current minimum) with using the pattern «Head&Shoulders» at least on timeframe M15.
The control resistance zone is constructed from the current minimum. If this minimum changes by n points the zone should also be shifted n points down. The risk/reward ratio for every order should be at least 1/3.