Today's trading takes place near the WCZ 1/4 1.3155-1.3151, which makes it possible to consolidate a part of sales that were opened on Friday. If there is no short position yet, you will need to wait for the breakdown of the specified zone and the closure of the US session below it. This will allow a more conservative entry into the market tomorrow. The next decline target will be the WCZ 1/2 1.3111-1.3103.
It is important to understand that sales made from a weekly control zone need to be transferred to breakeven after the test of the WCZ 1/4, since the upward movement is now an impulse.
An alternative growth model will become relevant if the pair fails to consolidate below the WCZ 1/4. In this case, a false breakdown pattern of Friday's low will form today. This will provide an opportunity to enter the purchase, the purpose of which will be to update the monthly high. Further growth will depend on the extremum test.
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