Work towards strengthening the exchange rate is the main one, so any decrease in the pair should be perceived as a corrective one. It is important to understand that such a strong structure will continue with a 75% probability. The nearest support where you can consider buying is the WCZ 1/4 1.2375-1.2365. The growth target was the weekly CZ 1.2640-1.2597, after the downward model was canceled.
Today is a holiday in all countries, so the models will be implemented next week. We should expect an increase in volatility on Monday.
An alternative model will develop if today's trading closes below the WCZ 1/4. This will allow you to get more favorable prices for buying the instrument in the near future. It is important to understand that any downward movement will be corrective, and the probability of updating the monthly peak is higher than 75%. This makes buying the most profitable option.
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