On the third day, the accumulation zone is formed on the pair. This makes it possible to work within the range. The probability of updating the monthly minimum is still above 75%, so sales from resistance levels should be considered first. Thursday's high retest may be a great place to start forming a downward pattern.
The current position of the price can give an impetus to further growth. If you are considering purchases, then you need to partially fix them after testing the above extremes.
An alternative model will be developed if the closing of today's trading occurs below the weekly control zone of 0.5592-0.5577. This will open the way for the fall to continue without forming a deep correction. It is important to understand that the probability of continuing the momentum is always three times higher than its breaking. This allows you to hold sales and display them in the average market.
Daily CZ - daily control zone. A zone formed by important data from the futures market that changes 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 that reflects the average volatility over the past year.
The material has been provided by InstaForex Company - www.instaforex.com