The movement of Friday was impulsive, which allowed the pair to gain a foothold above the control zone a of 1.1628-1.1619. Continued growth is a priority at the beginning of this week, and the probability of updating the Friday's maximum is 70%.
With a decrease in the exchange rate, it is necessary to look for favorable prices in purchasing the instrument. The first support is the control zone a of 1.1645-1.1641. The emergence of demand for this zone will allow the pair to continue its growth. The first goal of the upward movement is a weekly short-term control zone of 1.1729-1.1711. When buying from the control zone a, our profit will be 70 points, so the stop loss size should not exceed 25 points.
In the event of breakdown and consolidation below the control zone a, next support zone will be the control zone a of 1.1599-1.1590. While the instrument is trading above this zone, the upward movement remains impulsive. In testing the control zone a, it will be possible to get the most favorable prices for the purchase of the instrument, and the profit will already be 120 points. Therefore the stop size should not exceed 40 pp. To enter the medium-term range, a breakdown and fixing of the price above the level of 1.1729 will be required during the US session today.
The daytime CP is the daytime control zone. The zone formed by important data from the futures market that change several times a year.
The weekly CP is the weekly control zone. The zone formed by marks from important futures market which change several times a year.
The monthly CP is the monthly control zone. The zone is a reflection of the average volatility over the past year.
The material has been provided by InstaForex Company - www.instaforex.com