On Friday, there was a violation of the upward momentum, which allows us today to consider growth as an opportunity to profitably sell the pair. The target of the decline is the weekly control zone 0.6811-0.6799. The probability of testing this zone is 75%, which makes it the main target of the bearish movement.
Yesterday's high may become a determining level. If this test leads to the formation of the pattern of "absorption", then it will be necessary to enter the sale.
An alternative model will be developed if the closure of today's US session occurs above yesterday's high. This will indicate the emergence of market buyers. In this case, sales will have to be postponed to the main resistance zone of the Weekly Control Zone 1/2 0.6899-0.6893.
Daily CZ - daily control zone. The zone 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. The zone that reflects the average volatility over the past year.
The material has been provided by InstaForex Company - www.instaforex.com