The pair has been trading above the monthly average move for the second week. This makes it possible to search for a sell pattern. You should not enter a short position without forming an absorption pattern on the daily level. It will be possible to consider options only if today's fall exceeds yesterday's growth.
An upward movement remains a priority, but the probability of returning to the levels of 1.1590 and 1.1521 is close to 90%. This does not provide an opportunity to find favorable purchase prices. Any corrective zone should be ignored.
The alternative growth option will allow the pair to renew the monthly high, however, purchases from the current levels are no longer profitable. The likelihood of forming a corrective movement has significantly increased. This indicates the need to abandon purchases until we return to the 1.1590 level.
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