Yesterday, an absorption pattern of the daily level was formed. This makes it possible to maintain open sales. Any growth should be considered as an opportunity to sell the pair at more favorable prices. In this regard, the weekly control zone 1/2 0.6473-0.6466 may become a determining resistance.
It is important to understand that the probability of continuing to decline and returning to the opening level of June trading is higher than 70%, which makes selling the instrument profitable.
An alternative decline pattern without deep correction is also highly probable, therefore, it is necessary to keep some of the sales opened this week. The next goal of the decline will be the Weekly Control Zone 1/2 0.6342-0.6335.
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