The current price of the pair is near the significant monthly minimum. This can cause the emergence of demand and stop falling. It is important to note that last week's closing occurred outside the middle course, which makes it possible to determine the next return target level at 0.6661. The probability of the test is 90% at this level. When forming a pattern for purchases, it is necessary to bear this in mind.
It is strictly not recommended to enter into purchases against a trend without forming a pattern of "absorption" because it is difficult to determine the size of the deviation from the average value of the weekly move.
An alternative model is being implemented at the moment. The fall may continue to the lower limit of the average progress of the current week at 0.6529. When testing this level, it is necessary to completely close any remaining sales since the likelihood of the appearance of large demand will significantly increase.
Daily CZ - daily control zone. The area formed by important data from the futures market, which changes several times a year.
Weekly CZ - weekly control zone. The area formed by marks from the important futures market, which changes several times a year.
Monthly CZ - monthly control zone. The area is a reflection of the average volatility over the past year.
The material has been provided by InstaForex Company - www.instaforex.com