Today, the pair is trading between two significant areas. The determining resistance is WCZ 1/2 123.85-123.69. The test of this zone will allow you to get favorable prices for selling the instrument. As long as the pair is trading below this zone, the downward impulse will continue, and the probability of updating the monthly low will be 70%. This suggests the need to include a model for selling an instrument in your trading plan.
The main target zone of WCZ 1/2 121.54-121.38 is below the weekly low, which coincides with the average weekly move. This makes it a great target for consolidating sales. To consider buying in its test also becomes profitable.
An alternative model for stopping a fall will be formed if the US session closes above 123.85. This will lead to further growth and the emergence of new goals. The probability of implementing this model today is at 30%, which makes it auxiliary. Purchases from current grades are not profitable, since the possible profit will not exceed the risks.
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