A correction model was formed yesterday for the pair's previous decline. Last week's low is the first goal for the decline. When retesting it, you will need to partially fix the position. The remaining part can be converted to breakeven and kept until the next target zone of the WCZ 1/2 1.1675-1.1666.
Work in the downward direction remains a priority, so any growth should be perceived as an opportunity to re-enter a short position.
To change the direction of trade, it will be necessary to absorb yesterday's fall and close today's trading above the WCZ 1/2. This will indicate the emergence of a large interest in buying euros and will make it possible for you to refuse to sell it. The probability of developing this pattern without testing last week's low is only at 20%.
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