Today's plan is to find a favorable price for the purchase of the instrument, as the pair is trading below the average weekly rate. The best price is within the weekly control zone 106.50-10631. The formation of the "false breakdown" pattern of yesterday's minimum will allow us to enter into corrective purchases.
It is important to note that the downward movement is an impulse. Therefore, any growth in the medium term should be considered as an opportunity to get favorable prices for the sale of the instrument.
An alternative decline model has a probability below 30%, which makes sales from current marks unprofitable. To enter a short position, growth to one of the correction zones will be required again.
Daily CZ - daily control zone. The zone formed by important data from the futures market that changes 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 that reflects the average volatility over the past year.
The material has been provided by InstaForex Company - www.instaforex.com