The main support this week was WCZ 1/4 108.44-108.39. It is important to note that at the same levels is the high of September, above which consolidation takes place. If the close of trading this week occurs above the level of 108.49, then purchases will remain a priority in the future
The formed accumulation zone indicates the need for partial consolidation of purchases at the upper boundary, as its test can lead to the appearance of a large offer.
An alternative model will be developed if the closure of today's trading occurs below the WCZ 1/4. This will allow you to change the vector of trade to a downward one. The target of the bearish model will be WCZ 1/2 107.94-107.85.
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