Today the pair is trading near WCZ 1/4 1.2296-1.2288. If the opening of today's European trading occurs above this zone, this will serve as a signal to enter the purchase. The first goal of growth will be WCZ 1/2 .2388-1.2372. The range between the zones is 90 points, so you need to find a pattern that will allow you to set a stop loss of no more than 30 points.
It is important to understand that with a decrease, a weekly control zone of 1.2246-1.2213 was achieved, which caused the fall to stop. Upward movement remains a priority in the medium term.
The medium-term upward model, formed in September, is the main one for work at the beginning of the current month. If the pair can stay above the weekly control zone, the upward movement will continue, and the September high will become the main target of growth.
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