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Technical analysis by AMEGA - Opinion
Medium-term trend: Bearish
The bear market is continuing. The price has already reached the target zone №1 0.70763-0.70732 and it has a potential to reach the target zone №2 0.70450-0.70388. The best prices to try to have a short position are the control resistance zone 0.71223-0.71161. 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 0.71223-0.71161 (68 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.
All zones are constructed on the basis of data from the CME futures market.
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It’s recommended to try to have a long position near the control resistance zone 1.32392-1.32287 (111 points from current minimum) with using the pattern «Head&Shoulders» at least on timeframe M15.