Yesterday's movement made it possible for a local accumulation zone to be formed. The main support is the WCZ 1/4 1.1278-1.1274. The test of the specified zone should be considered in searching for a pattern to buy the instrument, since the upward movement became impulsive. The growth target is a weekly CZ of 1386-1.1368. The probability of reaching the specified zone is at 70%.
Work in the upward direction will provide great advantage at a distance, so at them moment, selling should be abandoned.
The alternative deep correction model will be developed in case the closure of today's US session happens below the level of 1.1274. This will make it possible to consider a deeper correctional model. The goal of the decline will be the WCZ 1/2 1.1232-1.1223, where the fate of the entire upward impulse is determined. The pair's hike to the CCP 1/2 is less likely, as this will lead to the formation of a "absorption" pattern at the daily level.
Daily CZ - daily control zone. The zone formed by important data from the futures market, which change several times a year.
Weekly CZ - weekly control zone. The zone formed by the 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