Bearish mood persists in this week's trading. The first goal of the decline has already been achieved, and the weekly CZ 1.2210-1.2167 will be the basis for further movement. If the testing today leads to an increase in demand, as well as "absorption" of the daily level, sales should be consolidated, and favorable prices should be sought out for purchases.
The probability of a reversal at the current levels does not exceed 50%, so purchases with limit orders in the weekly short term are not profitable.
So far, the probability that the decline will continue is 50%. The signal that would confirm it is the consolidation of prices below the level of 1.2167, to which if it happens, the next target for the decline is 1.1984, the lower zone of the weekly average movement.
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 area formed by the important marks of the futures market, which changes several times a year.
Monthly CZ - monthly control zone. The area that reflects the average volatility over the past year.
The material has been provided by InstaForex Company - www.instaforex.com