Technical analysis by AMEGA - Opinion
Medium-term trend: Bullish
After the price is fixed upper the control resistance zone №1 1.13936-1.13844 the medium-term trend has changed to the bull market with the aim to the target zone 1.13016-1.13844. The probability of reaching the target zone is about 70%. Any price reduction is considered like corrective. The best prices to try to have a long position are the control resistance zone №2 1.14436-1.14344. In case of the price is fixed below the control resistance zone №2 the medium-term trend will be changed to the bear market and all long positions should be closed.
It’s recommended to try to have a long position near the control resistance zone №2 1.14436-1.14344 (100 points from current maximum)with using the pattern «Head&Shoulders» at least on timeframe M15.
The control resistance zone №2 is constructed from the current maximum. If this maximum changes by n points the zone should also be shifted n points up. The risk/reward ratio for every order should be at least 1/3.
All zones are constructed on the basis of data from the CME futures market.
Internal border – Maintenance margin size in points
External border – Initial margin in points
Control resistance zone – the half from the target zone
Resistance zone – the quarter of the target zone
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It’s recommended to try to have a short position near the control resistance zone 1.32144-1.31952 (211 points from current minimum) with using the pattern «Head&Shoulders» at least on timeframe M15.