Today's priority is downward, as the pair continues to form a bearish model after the test of WCZ 1/2 1.3395-1.3384. The main target for profit taking is WCZ 1/2 1.3294-1.3283. Achieving this zone will offer a consolidation of a large part of the position, and move the rest into profit in case of a downward movement.
The lower WCZ 1/2 test will provide an opportunity to consider purchases if a pattern appears, as the pair is trading within the medium-term accumulation zone. The growth target will be the April high.
An alternative model will be developed if the pair can break through and consolidate below 1.3283 in today's US session, the pair will be able to go beyond the flat range. This will keep the rest of sales and look for a repeat in selling after last week's retest.
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