Technical analysis by AMEGA - Opinion
Medium-term trend: Bearish
The bear market is continuing. The price has already reached the target zone №1 0.72371-0.72246, the target zone №2 0.71621-0.71559 and now it’s going to the target zone №3 0.70996-0.70871. The best prices to try to have a short position are the control resistance zone №2 0.72123-0.72061. In case of the price is fixed upper the control resistance zone №2 the medium-term trend will be changed to the bull market and all short positions should be closed.
It’s recommended to try to have a short position near the control resistance zone №2 0.72123-0.72061 with using the pattern «Head&Shoulders» at least on timeframe M15.
The control resistance zone №2 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.
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 long position near the control resistance zone 3636.59-3588.61 (5278 points from current minimum) with using the pattern «Head&Shoulders» at least on timeframe M15.