The determining resistance is the WCZ 1/2 0.6599-0.6592. As long as the pair is trading below this zone, the downward movement is impulsive. Sales opened at the end of last week should be transferred to breakeven. This must be done due to the fact that a retest of the weekly extremum can give more favorable prices or lead to the formation of a reversal pattern.
The goal of the downward movement is the May low, which makes selling from WCZ 1/2 profitable due to the risk-to-profit ratio.
For breaking the downward impulse, it will be necessary to close today's US session above the level of 0.6599. This will allow you to abandon selling and begin to consider entering a long position. The goal of growth will be the weekly CZ 0.6676-0.6662, which will make purchases profitable at a distance.
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