Source: Forex Analysis
Today, the pair is trading within the 1/2 WCZ of 0.9954-0.9945, which makes it possible to fix some of the purchases that were open this week and the previous. Today, sales of the instrument are possible if a “false breakdown” model is formed. The first goal of the reduction will be the June minimum.
Yesterday’s minimum was formed at the extreme of the previous week, which makes it significant in determining models of false and true breakdowns.
For continued growth, it will require the closure of today’s trading above the level of 0.9954. If this happens, the downward mid-term impulse will be completed and growth next week will become the main model and purchases will come to the fore. Purchases from the current levels will not be profitable this week since there is a range of the average weekly move within the 20pp range.
Daily CZ – daily control zone. The area formed by important data from the futures market, which changes several times a year.
Weekly CZ – weekly control zone. The area formed by marks from the important futures market, which changes several times a year.
Monthly CZ – monthly control zone. The area is a reflection of the average volatility over the past year.
The material has been provided by InstaForex Company – www.instaforex.com