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Technical analysis by AMEGA - Opinion
Medium-term trend: Bullish
The bull market is continuing. The price has already reached the target zone №1 111.182-111.096 and it is going to the target zone №2 111.579-111.542. Any price reduction is considered like corrective. The best prices to try to have a long position are the control resistance zone 110.243-110.158. In case of the price is fixed below the control resistance zone the medium-term trend will be changed to the bear market and all long positions should be closed.
Trading recommendation:
It’s recommended to wait until the price will go to the resistance zone 110.690-110.653 or to the control resistance zone 110.243-110.158 (96 points from current maximum) and we should try to have a long position near the zones with using the pattern «Head&Shoulders» at least on timeframe M15.
The control resistance zone and the resistance zone are constructed from the current maximum. If this maximum changes by n points the zones 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.
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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.