Technical analysis by AMEGA - Opinion
Medium-term trend: Bearish
The bear market is continuing. The price has already reached the target zone №1 0.72056-0.71994 and it has been fixed below the zone. The probability of reaching the target zone №2 0.71431-0.71306 is about 70%. The best prices to try to have a short position are the control resistance zone 0.72464-0.72402. 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.
It’s recommended to try to have a short position near the control resistance zone 0.72464-0.72402 (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.
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 1.32392-1.32287 (111 points from current minimum) with using the pattern «Head&Shoulders» at least on timeframe M15.