The movement of the Asian session led to the formation of the pattern of "absorption" of the daily level. This makes it possible to consider purchases at the next volatile sessions. The defining resistance area stands WCZ 1/2 0.6764-0.6757. While the pair is trading below it, the downward momentum will remain a priority.
It is important to understand that the absorption pattern was already formed at the beginning of this month below the current levels. If this model is repeated, the probability of strong growth will increase to 70%.
The alternative reversal pattern will develop if the closure of today's US session is above the level of 0.6764. This will allow us to consider medium-term purchases at tomorrow's Asian session.
Daily CZ - daily control zone. An area formed by important data from the futures market that changes several times a year.
Weekly CZ - weekly control zone. The zone formed by the important marks of the futures market, which change several times a year.
Monthly CZ - monthly control zone. An area that reflects the average volatility over the past year.
The material has been provided by InstaForex Company - www.instaforex.com