The trading plan for the current week should take into account the fact that the pair tested the WCZ 0.7202-0.7189 medium-term target zone, which led to a halt in growth. The formation of a reversal pattern through the breakdown of one of the junior control zones will allow you to search for sales, the goal of which will be at least last week.
The screenshot shows how the pair is trading within the accumulation zone, which is determined by a major player. To work within the range, you need to look for patterns at the boundaries of the zone.
An alternative model will be developed if the pair can consolidate above the level of 0.7202 in today's US session. This will allow us to talk about continued growth and will make it possible to buy the instrument again at any decrease. Today's decisive support is the WCZ 1/2 0.7126-0.7119. Until this zone is broken, working upward from the low of last week is the best strategy.
Daily CZ - daily control zone. The area formed by important data from the futures market, which change several times a year.
Weekly CZ - weekly control zone. The zone formed by important marks of the futures market, which change 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