Technical analysis by AMEGA - Opinion
Medium-term trend: Bullish
The bull market is continuing. The price has already reached the target zone №1 1.31296-1.31106 and it is going to the target zone №2 1.32198-1.32093. Any price reduction is considered like corrective. The best prices to try to have a long position are the control resistance zone 1.30846-1.30743. 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.
It’s recommended to wait until the price will go to the resistance zone 1.31344-1.31292 (53 points from current maximum) or to the control resistance zone 1.30846-1.30743 (108 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.
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.