Technical analysis by AMEGA - Opinion
Long-term trend: Bear
Medium-term trend: Bear
After the price is fixed below control resistance zone №1 0.74013-0.73951 the medium-term trend has changed to the bear market with the aim to target zone 0.73388-0.73263. The probability of reaching this zone is about 70%. The best selling prices have already been received from control resistance zone №2 0.74385-0.74323. Price growth is considered like corrective.
Trading recommendations: It’s recommended to try to have a short position from control resistance zone №3 0.74166-074104 with using the pattern «Head&Shoulders». In case of the price is fixed upper control resistance zone №3 the medium-term trend will be changed to the bull market and all short positions should be closed.
The resistance zone 0.73822-0.73791 and control resistance zone №3 are constructed from the current minimum. If this minimum changes by n points the zones should also be shifted n points down. The risk/reward ratio should be at least 1/3.
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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.