Yesterday, the pair re-tested the weekly control zone 1/2 0.6532-0.6523, which led to the formation of a sell pattern. The first goal of the decline is the weekly control zone of 0.6382-0.6364. When testing this zone, it is necessary to consolidate a part of sales, while the rest can be left to the level of 0.6322, which is the upper boundary of the monthly control zone in April.
The downward movement will be the main direction until the end of this week, so holding a short position is the best strategy.
An alternative growth pattern will be developed if today's trading closes above the opening level. This will allow you to create an accumulation zone and get favorable prices for repeated sales. On the other hand, purchases are not profitable due to the high probability of the price returning to the level of 0.6322.
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