There was a test of two significant resistances at once yesterday. The pair reached the WCZ 1/2 107.90-107.74, which is the determining factor on the growth track, as well as a return to the lower boundary of the weekly average course of early June. This indicates a 100% implementation of the priority ascending model. Further growth will be possible if today's trading closes above the WCZ 1/2. This will open up opportunities for buying the instrument.
The purpose of the upward movement is the weekly control zone of 109.77-109.43. The range between the zones is 181 points, which will make purchases extremely profitable.
An alternative downward model will develop if an absorption pattern forms from yesterday's growth. The probability of this is below 50%, which makes the model provide support. The growth of the last five days has led to forming a weekly absorption model, which could become the main one for trading in the first half of July.
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