The downward movement is a medium-term momentum, which indicates the need to search for profitable selling prices when forming a correctional model. It should be noted that yesterday, the pair tested the monthly short-term fault of May 1.17.25-1.1686. This allowed to fix all short positions, opened in May. The main target correction zone is the weekly fault of 1.1901-1.1885. While the pair is trading below this zone, the continuation of the downward movement and the probability of renewing the May low are still close to 70%. It is important to understand that the monthly short-term test in most cases means the end of a certain phase and allows either the formation of a flat (correctional) range or the formation of an opposite pulse.
To end the current medium-term impulse, one of the American sessions above the weekly shortcut will be required to close. This will provide an opportunity in the future to look for purchases with long-range goals. To date, the pair is testing the NCP 1/2 1.1809-1.1801, which will allow us to consider both the reversal model and the continuation pattern of the downward dynamics. To continue the fall, it will be necessary to close today's American session below this zone. A change in priority will occur if today's session on the Chicago Stock Exchange trades above 1.1809 to the very end. In this case, tomorrow you will be able to look for opportunities to purchase a tool, the purpose of which will be the weekly short-term fault of 1.1901-1.1885.
