The growth of the pair occurs after the appearance of large demand and the test of the weekly control zone 1.1096-1.1082. This makes it possible to keep purchases from the specified zone. The purpose of the upward movement is WCZ 1/2 1.1164-1.1157. Reaching this zone will allow you to consolidate part of the purchases, the rest should be transferred to breakeven in case of a reversal model.
The downward movement of the first September week is still an impulse. As long as the pair is trading below the WCZ 1/2, the upward movement will be corrective.
An alternative growth model will be developed if today's trading closes above the WCZ 1/2. This will indicate continued growth to the weekly CZ 1.1243-1.1229. Purchases made at the end of last week can be transferred to breakeven and left in the medium term. Closing purchases must be done if a false breakout pattern is formed at the WCZ 1/2 today or tomorrow.
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