Friday's breakout of the WCZ a 1.169-1.161 makes it possible to consider the downward movement along with growth. Closing last week's trading occurred within the zone, which indicates the formation of a medium-term accumulation zone. Confirmation of the downward impulse will require consolidation below 1.1161 at today's US session.
The location of the last three European sessions indicates interest in pulling down the pair further on the part of a major regulator.
To cancel the downward model, closing of today's trading above the WCZ a will be required. This will allow you to consider buying tomorrow. The first goal of growth will be the December high. Further growth will be possible after consolidating above the indicated extremum. It is important to note that December growth was a strong medium-term impulse, so the likelihood of its continuation is high.
Daily CZ - daily control zone. The area formed by important data from the futures market, which changes several times a year.
Weekly CZ - weekly control zone. The zone formed by important marks of the futures market, which changes 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