Today, the pair is trading near the weekly CZ of 0.6615-0.6603, which makes it possible to record purchases opened at the beginning of the week. It is important to note that the weekly control zone is located outside of the average weekly move, which indicates the need for complete closure of purchases and the search for a cheap price for selling the instrument. If trading closes above the weekly control zone, then the probability of a corrective fall will increase to 90%.
The second week forms a medium-term accumulation zone, so the main target levels can be considered the extremes of last week. Some purchases can be left in case of continued growth, but most of them are better consolidated at current levels.
An alternative model will develop if the pair starts to decline, not being able to reach the weekly control zone. This model will make it possible for you to get favorable prices for buying and continue working in an upward direction. Growth is an impulse, so any corrective movement should be considered as an opportunity to enter a long position.
Daily CZ - daily control zone. The area formed by important data from the futures market, which change several times a year.
Weekly CZ - weekly control zone. The zone formed by important marks of the futures market, which change several times a year.
Monthly CZ - 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