The upward movement is still a medium-term impulse, since the pair could not gain a foothold below the WCZ 1/2 0.6268-0.6263. The zone of the average weekly move is a strong resistance, which coincides with the weekly CZ 0.6309-0.6298. The false breakout pattern of yesterday's high will make it possible to enter the market from this resistance. The first target of the fall will be WCZ 1/2, formed from a weekly high.
Do not forget that the upward movement is an impulse. This makes it possible for you to consider purchases from WCZ 1/2 0.6268-0.6263 in case the pair falls.
An alternative model will be developed if the closure of today's trading occurs above the weekly CZ. This will make it possible for the pair to go beyond the middle course, which will increase the likelihood of a downward movement to 90%. Purchases from current marks are not profitable. This is due to statistics, which indicate the probability of closing trades above the middle course zone in only 30% of cases.
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