At the end of last week, the pair rose by almost 3%, indicating the strength of the upward mid-term movement. This movement must be defined as a medium-term trend and any reduction can be used to search for favorable prices to buy.
The movement of the beginning of this week confirms the strength of the upward momentum formed last week. The pair is already trading above the closing level of last week. Any downward movement will be corrective, which may allow getting favorable prices for the purchase. Today's support will be the a control zone at 1.2989-1.2983. If the pair continues to trade above this zone, purchases will be unprofitable. It is necessary to form a deeper corrective movement in order to be able to enter the trade.
The growth target remains the a control zone at 1.3129-1.3116, formed from the previous weekly control zone. The most favorable prices for the purchase of an instrument are located within the a control zone at 1.2935-1.2922, testing of which will be decisive for the entire upward movement.
For the formation of an alternative downward model will require the absorption of yesterday's growth and closing of the American session below the opening of the week. This will allow considering a reduction to the a control zone of 1.2935-1.2922, where you can get the most favorable prices for the purchase. It is not worthwhile to consider a reversal movement against the current strong growth since the probability of its reversal is below 30%. This makes any attempts to sell the instrument at a distance unprofitable and dangerous for your deposit.
The daytime CP is the daytime control zone. The zone formed by important data from the futures market that change several times a year.
The weekly CP is the weekly control zone. The zone formed by marks from important futures market which change several times a year.
The monthly CP is the monthly control zone. The zone is a reflection of the average volatility over the past year.
The material has been provided by InstaForex Company - www.instaforex.com