The first resistance this week is the NKZ 1/4 1.1260-1.1255. The test of this zone will allow you to search for a pattern for selling in order to update the previous low. The speed of the downward impulse is quite high, therefore, in order to reverse this movement, it will require the emergence of large demand and the formation of the market maker level. Until that happens, selling at better prices will remain profitable.
This week's main resistance will be NKZ 1/2 1.1310-1.1301. As long as the pair is trading below this zone, selling will remain as priority.
An alternative model will be developed in case the pair can consolidate above the level of 1.1310. This will open the way for growth to the March high and will cancel selling on the instrument. The probability of implementing this model is at 30%, and the NKZ 1/2 is outside the middle course, which makes it a support.
Daily KZ - daily control zone. The zone formed by important data from the futures market, which change several times a year.
Weekly KZ - weekly control zone. The zone formed by the important marks of the futures market, which change several times a year.
Monthly KZ - 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