Source: Forex Analysis
Today, the pair is in the middle of the flat range formed a week earlier. This speaks of keeping sales open after the 1/2 WCZ OF 108.79-108.70. The goal of the downward movement is the lower border of the flat, which is located at last week’s low. Transactions from the current levels are unprofitable in any direction.
Work within the framework of the flat provides an opportunity for partial fixation and transfer of transactions to breakeven in the event of a flat and continued downward impulse.
The alternative model will be developed if the closure of today’s American session happens above the level of 108.79. This will complete the cycle of a downward mid-term impulse and will allow you to look for purchases tomorrow. The probability of the implementation of this model is 30%, hence, it should be considered as auxiliary.
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