Today, the primary requirements for the instrument have changed, which indicates the need to change the range of control zones. The closest resistance is the WCZ 1/2 1.1199-1.1191, which makes it possible to take a portion of the profit on the long position opened on Friday after an update of the weekly low. In case growth comes to a halt and the formation of a pattern of "false breakdown", it will require a full consolidation of purchases and entry into a short position.
As long as the pair is trading below the level of 1.11199, the movement will remain corrective. Work within the emerging accumulation zone is the main one at the beginning of the current week and it makes it possible for you to consider transactions from the range boundaries.
Breaking the downward momentum will require the closure of today's US session above the level of 1.11199. This will open the way for the pair to grow to the next resistance, which will be the weekly CZ 1.1287-.11271. Work on this model still has a probability below 30%, which makes it auxiliary.
Daily CZ - daily control zone. The area formed by important data from the futures market, which change several times a year.
Weekly CZ - weekly control zone. The zone formed by important marks of the futures market, which change 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