Yesterday, the pair reached the range of the average course of the week. This indicates a high probability of stopping growth and the emergence of a proposal. It is possible to form a corrective model that will allow you to get favorable prices for the purchase.
Yesterday's growth made it possible to reach two significant marks at once. The average course of the week and the weekly CP 1.472-1.1453. Stopping growth and the emergence of interest from sellers is justified. This allows you to fix most of the purchases and consider corrective sales in the formation of the pattern. The medium-term flat continues, so the probability of further growth does not exceed 50%. It does not allow to consider purchases from the current marks.
The upward movement will remain impulsive until the pair breaks through one of the lower control zones and consolidates below. Up to this point, any fall must be perceived as corrective.
The model of continuing growth today has a low probability, as it will lead to going beyond the average course of the week. The probability of return after such an exit is 90%, which indicates the unprofitability of purchases near yesterday's high. The purchase is necessary to look at the downward movement. The main support zone will be ncz 1/2 1.1394-1.1385. The test of this zone will allow you to get the most favorable prices, and its breakdown will indicate the cancellation of the upward trade option.
Day short - daily control zone. The zone formed by important data from the futures market, which change several times a year.
Weekly KZ - weekly control zone. The zone formed by the important marks of the futures market, which change several times a year.
Monthly KZ - monthly control zone. The zone, which is a reflection of the average volatility over the past year.
The material has been provided by InstaForex Company - www.instaforex.com