Yesterday, the compilation of applications for the Eurosystem was completed and this could determine the priority and current phase of the market. While a fairly strong downward movement indicates a high probability for the continuation of the downward impulse.
The decline on Wednesday allowed the pair to return to the banking compilation zone a week ago which points to the flat phase of the movement, where the extremes of the month take action. The immediate target of decline is the June low. The main target of the downward movement will be the interest rate level of 2%, 1.1437. If the pair will fall to the specified mark, it will be necessary to fix a short position as the probability of large demand will increase.
It is important to note that the pair overcame the average daily turn yesterday and the closing of the American session occurred below it. This indicates a high probability of updating the yesterday's low, which should be the basis for building today's trading plan. Any upward movement should be used to find advantageous prices to sell the instrument. An interesting resistance level may be the boundary of the compilation zone in the past two weeks.
Growth is necessary in order for the flat phase to remain a priority towards the banking compilation zone yesterday. If this happens, then we will track the closing level of closure during the American session relative to the zone. While the pair is trading below the compilation zone, the downward movement will remain a priority which will allow us to consider favorable prices for selling the instrument. The probability of updating the June maximum is 30%.
* The presented market analysis is informative and does not constitute a guide to the transaction.
The material has been provided by InstaForex Company - www.instaforex.com