Source: Forex Analysis
Yesterday, an upward reversal pattern was implemented, and the rate reached the upper limit of the weekly short-term of 1.3195.
The implementation of the priority upward pattern made it possible to close some of the purchases opened at the previous day’s trading session. The rest can be taken to breakeven and held until the test of the next target level of 1.3316, which is the upper limit of the NKZ 1/2, built from the weekly short-circuit. Work in the direction of the rising priority is the most profitable.
Before the opening of today’s European session, the pair is trading above the upper limit of the weekly short-term of 1.3184, which indicates a high probability of testing the next zone of the NKZ 1/2, the upper limit of which is located at the level of 1.3316.
The formation of an alternative model will require the absorption of yesterday’s growth and the closure of today’s US session below the level of 1.3114, which is the lower limit of the NKZ 1/2, built from the local high of the week. This model will allow you to abandon purchases and consider short-term transactions in the medium term. The probability of this model’s implementation is 30%, so it is auxiliary.
The material has been provided by InstaForex Company – www.instaforex.com