The probability of continued growth is 75%. This allows you to keep purchases open last week. In this regard, it is better to open new purchases after a correctional decline. The first support is the weekly control zone 1/4 0.9709-0.9701. When testing this zone, the formation of the “absorption” pattern will be required. This will allow you to enter the purchase with a growth potential of more than 100 points.
Work in the upward direction is a priority, therefore, the probability of retesting the high of last week is above 75%.
An alternative model will be developed if the closing of today’s trading occurs below the weekly control zone 1/4. This will allow us to consider a deeper correction, which will allow us to obtain favorable prices for the purchase. The defining support is the weekly control zone 1/2 0.9625-0.9609. Its testing will determine future priority.
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