10.07.201709:51 Forex Analysis & Reviews: Trading Forecast for EURUSD 07/10/2017

The opening price of this week occurred near the opening point of the previous week, which indicates the formation of a medium-term accumulation zone. Growth remains as the priority, and its purpose is a rise of a weekly short-term period of 1.1496-1.1480.

The medium-term plan.

The retention of the fall of the first half of the previous week speaks in favor of the sustained growth in the medium term. The probability of testing a June high is 70%. The main goal of growth is a weekly short-term plan of 1.1496-1.1480. The test of this zone will allow you to fix the next part of buying. It is important to note that a little higher than the weekly short-term is a monthly short-term decline of June at 1.5442-1.1500. The test of this zone can lead to a formation of a correctional or a reversal pattern of a higher order. Buying near this zone is not recommended.

The alternative model will develop if the pair can gain a foothold above 1.1496 by the end of this week. This will allow a possibility of a continuation of growth in the medium term and the absence of large limit orders to sell.

Intraday plan.

At the end of last week, another momentum was formed to strengthen the euro. The breakdown of 1.1404-1.1396 speaks well for sustained growth. The main support is 1.1355-1.1347. As long as the pair is trading above this zone, the target continues to be at 1.1496-1.1480, the probability of the test is 70%. To cancel the upward movement, it will be necessary to close one of the U.S. sessions at a level below 1.1347. This will open the way for the formation of a downward momentum pattern.

Day - day control zone. The band formed by important data from the futures market, which changes several times a year.

Week - week control zone. The band formed by important marks of the futures market, which changes several times a year.

Month - monthly inspection zone. The zone, which is a reflection of the average volatility over the past year.