Today's plan is to find favorable prices for purchasing the instrument. The first support will be WCZ 1/4 1.1060-1.1057. It is within the average daily range, which makes it a great goal. The probability of absorption of Friday's growth is less than 30%, which indicates the profitability of purchases. The growth target will be the weekly control zone of 1.1150-1.1136. The range is sufficient to ensure that the risk/reward ratio is profitable over a distance.
Work in the upward direction may become the main one for the current week and the first half of the month, so purchases will switch from an intraday plan to a medium-term one.
An alternative model will develop if today's trading closes below the level of 1.1057. This will indicate the formation of a local accumulation zone, and favorable prices for purchasing will move to WCZ 1/2 1.1024-1.1017. Work within the framework of the correctional model implies searching for purchases in significant support areas. Selling is not yet profitable.
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