The pair is currently consolidating below last week's low. If trading closes below the level of 0.5988, the probability of a further decline will increase to 75%, and the next goal of the fall will be the lower zone of the weekly average movement. Trading within the downward move will allow us to keep previously opened sales, as well as look for favorable prices for opening new ones.
The current decline has a strong impulse structure, so purchases from current levels, without the reversal of the daily level, are unprofitable.
An alternative scenario will develop, if today's trading closes above the WCZ 1/2 0.6046-0.6039. This will indicate the appearance of a large buyer and a change in priority to purchases. The probability of this scenario happening is 25%.
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 area formed by the important marks of the futures market, which changes several times a year.
Monthly CZ - monthly control zone. The area that reflects the average volatility over the past year.
The material has been provided by InstaForex Company - www.instaforex.com