Medium-term trend: Bullish
The bull market is continuing. The price has already reached the target zone №1 1.17607-1.17519 and it is going to the target zone №2 1.18487-1.18399. Any price reduction is considered like corrective. The best prices to try to have a long position are the control resistance zone 1.16866-1.16778. 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 try to have a long position near the control resistance zone 1.16866-1.16778 (100 points from current minimum) with using the pattern «Head&Shoulders» at least on timeframe M15.
The control resistance zone is constructed from the current maximum. If this maximum changes by n points the zone 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.