The probability of continued downward movement is estimated at 75%, which allows you to keep sales open at the end of last week. To obtain favorable selling prices, the WCZ test 1/4 1.3066-1.3057 may be required. This will provide an opportunity to enter a short position again.
The first target of the decline is the January low formed last week, which makes sales profitable in terms of risk/reward ratio.
An alternative model will be developed if the closing of today's trading occurs above the WCZ 1/4. This will open the way for further growth and a retest of last week's high. The main goal of the upward corrective movement will be WCZ 1/2 1.3164-1.3145.
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 zone formed by important marks of the futures market, which changes 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