On Wednesday, the open market were on regular operations which allows you to look at the position of the price relative to the new bank compilation zone. It is important to note that the movement relative to the two previous zones indicates the formation of a flat medium term structure, since any deviation would result in a return to the medium levels.
Yesterday's zone was formed at the same level as a week ago, so holding above will indicate a local ascending priority. If the US session today will close above the compilation of the bank, then the upward movement will remain a priority and the first goal will be the retest of the June highs 1.1722, which will keep some of the purchases to that level.
Continuation of the support will be possible if the EUR/USD pair failed to gain a foothold above the 1.1722 level and shrank again below the bank compilation zone. This will allow us to look for patterns for selling the instrument, with the targets at June low in the medium term. Today, this pattern has a high probability to be implemented, so it is required to reach above the target level. This will save you from the risk reduction to profits of your purchases.
* The presented market analysis is informative and does not constitute a guide to the transaction.
The material has been provided by InstaForex Company - www.instaforex.com