Sales that were opened last week near the week's high are still the main ones. Yesterday's growth did not break the corrective decline. The nearest target for partially taking a short position is the WCZ 1/2 1.3050-1.3029. Testing this zone will be decisive for the entire upward movement in the medium-term. Closing today's trading below the zone will indicate a change in the trend.
If the pair settles below the WCZ 1/2, further decline will turn into a momentum, so sales of the instrument will come to the fore in the second half of the week.
If testing the WCZ 1/2 leads to a large demand, it will allow you to enter the purchase after an "absorption" pattern forms on a timeframe not lower than H1. This will allow you to continue the upward medium-term momentum without breaking its structure.
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