The upward movement remains a medium-term impulse. Therefore, holding purchases opened earlier is the main strategy. The first goal of growth is the November maximum, which was formed after the test of the important resistance zone of the Weekly Control Zone 1/2 1.3328-1.3319. It should be noted the presence of another significant level is found slightly above the November extreme.
The defining support is Weekly Control Zone 1/2 1.3238-1.3229. While the pair is trading above this zone, the probability of the continuation of the bullish momentum is 70%.
An alternative model would be to reduce to Weekly Control Zone 1/2 1.3238-1.3229 to obtain more favorable prices for the purchase of the instrument. This model should be considered as medium-term, as WCZ 1/2 is outside the average daily movement.
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