The upward movement remains an impulse in the medium term as long as the pair is trading above the Weekly Control Zone 1/2 108.48-108.38. The first growth target is the November high. In addition, the distance to the goal allows us to talk about a favorable ratio of risk to profit of any purchase from current prices and not lower.
Work within the local accumulation zone suggests the need to consider the option of canceling the upward movement.
An alternative option will be developed if the closure of today’s trading occurs below the level of 108.38. If this happens, then the downward movement will be the main next week. Sales from current levels are not profitable, since the probability of continuing the growth is 75%.
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