Today, the pair is trading near WCZ 1/2 121.56-121.42. The test of this zone will be decisive for further movement. If the test leads to the emergence of a bid and the formation of a false breakdown pattern of yesterday's high, then sales of the instrument will come to the fore.
Selling from the WCZ 1/2 is still a priority. The first goal of the decline will be the July low, which speaks of a favorable risk/profit ratio.
To break the downward impulse of the medium-term impulse, it will be necessary to close today's US session above 121.56. This will make it possible to rebuild the trade on the upward. The search for purchases will come to the fore, and the main objectives will be the highest levels of the current month.
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