Yesterday, a priority ascending model was implemented which made it possible to partially fix purchases. The rest can be transferred to break even since repeat purchases will require a better price.
It was also yesterday that there was a test weekly CP 0.7301-0.7288. This led to the emergence of a proposal. The decline in the course fits into the framework of corrective which means that the probability of updating the November maximum is 70%. This suggests the need to hold open purchases and look for opportunities to enter a long position at the end of the current week. The most favorable prices for purchase are located within the NKZ 1/2 0.7235-0.7229. The test of this zone will be decisive for the entire upward impulse.
The first goal of growth is the November maximum and the main goal will be the NKZ 1/2 0.7370-0.7363. Do not forget that buying at a monthly high can not be profitable under any circumstances. For the formation of a reversal model, it will be necessary to absorb yesterday's growth and close today's American session below the level of 0.7229. On Monday morning, this will allow to consider the sale of the instrument and the implementation of the medium-term reversal pattern. Now the probability of a fall below 0.7229 is 30%. This will allow you to consider the reduction as an alternative to priority growth.
Daily CZ - daily control zone. The area formed by important data from the futures market, which change several times a year.
Weekly fault - weekly control zone. The area formed by the important marks of the futures market, which change several times a year.
Monthly fault - 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