On November 7, the pair tested the Weekly Control Zone 1/4 108.75-108.70, which allowed them to enter the purchase. The target for growth is the weekly control zone 110.15-109.94. Reaching this zone will allow you to close most of the purchases, and transfer the balance to breakeven. Thus, it is important to understand that the middle course zone, which is above the level of 109.52, will become an obstacle this week, so the implementation of the priority model may happen next week.
With the test level of 109.52, it is possible to partially fix the position, because on Friday, there will be an expiration of option contracts, which can increase the volatility in the market. This will form a corrective downward pattern.
This correction may become protracted and will provide an opportunity to get favorable prices for repeated purchases. It is important to understand that the probability of continued growth is above 70%. This makes purchases profitable, but purchases require a reduction in price and moving it away from the average weekly move.
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