Last week's downward momentum is still the basis for choosing the direction of trade. The probability of continued bearish movement is estimated at 75%. The main target of the decline is the weekly CZ 0.7097-0.7079. Upon reaching this zone, it is necessary to close most of the sales.
The most favorable prices for selling the instrument can be obtained if the price reaches the WCZ 1/2 0.7236-0.7227.
To form an alternative model, it will be necessary to close today's trading above WCZ 1/2. This will allow you to consider purchases in the second half of the week. This pattern is a form of support, since the bearish impulse has not yet reached 100%.
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