The pair is trading within the medium-term accumulation zone. Today's test of the Weekly Control Zone 1/2 0.6871-0.6865 made it possible to obtain favorable prices for the purchase of an instrument. The first goal for fixing purchases is the weekly control zone 0.6936-0.6924. Now, further growth will depend on the reaction of the price to the control zone. To continue the growth, it will be necessary to close the current week above it.
Work within the framework of the flat indicates the search for a reversal model and the sale of the instrument at the upper boundary, which coincides with the weekly control zone.
An alternative flat continuation model will be formed if the weekly control zone will lead to an increase in supply and the formation of a reversal pattern. In this case, sales will come to the fore, and the first target of the decline will be Weekly Control Zone 1/2 0.6871-0.6865, in case that the maximum of the month is not updated.
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