A medium-term accumulation zone is being formed for the second month. To date, the pair is trading in the framework of the March limit, which implies a shift to trading in the flat phase. This suggests the need for small partial consolidations on short-term goals, which are the lower control zones. It makes no sense to keep the position in the midterm.
Today's NKZ 1/4 test will provide an opportunity to determine next week's priority. If the closing of the US session happens above the level of 1.3091, then the purchases will come to the fore on Monday.
To resume the downward movement, it will be necessary to keep the price below the resistance zone. It is important to note the emergence of a market maker level, which is a support and allows you to see the price kept above the mark of 1.3050. For the time being, there are large limit orders below this mark, the pair will continue to increase. To resume the fall, the closing of today's trading should be below the level of 1.3050.
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