Yesterday's decline allowed the pair to test a significant support zone for the Weekly Control Zone 1/2 1.2596-1.2575. This talks about the possibility of changing the priority to downward. Sales from current levels are not profitable, however, any growth must be used to enter a short position.
The continuation of the decline has a probability above 75%, which makes sales promising. The goal of this decline is the weekly control zone 1.2380-1.2337.
An alternative growth option is extremely low, so purchases are not profitable and should not be considered. Now, there is an option to continue declining from current levels without forming a corrective upward pattern. But this will not allow you to get favorable sale prices.
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