Control zones for EURUSD on 08/31/20

Last week's trading closed above the WCZ 1/2 1.1854-1.1845. This indicates a high probability of continued growth. The main target of the upward movement was the weekly control zone of 1.1974-1.1954. Reaching this zone will allow you to take part of the profit. The remaining purchases should be left in anticipation of strengthening the euro in the long-term.

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The nearest support for searching for long deals is the WCZ 1/4 1.1870-1.1865. When testing this zone, it is possible to open a long position.

The downward movement should only be considered as a correction, so sales from current levels are not profitable. Breaking the bullish momentum will require closing today's trading below Friday's opening. The probability of forming this pattern is less than 20%.

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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