The movement in the Asian session made it possible for a breakthrough of the significant support zone of the WCZ 1/2 0.6992-0.6985. To continue the fall, this will require today’s closing of the US session to occur below the specified zone. This will open the way for a decline to the weekly CZ 0.6924-0.6911. The range of decline will be 74 points from the current levels, which indicates the search for a pattern to sell with a stop of not more than 20 points. The downward impulse is quite strong, which allows you to hold previously opened sales.
We can take note of the gap that was formed at the opening of today’s trading. There is a possibility of closing this price gap, so this must be taken into account in today’s trading plan.
To cancel the fall, this will require the absorption of today’s decline and the close of trading to occur above Friday’s high. This will allow to consider purchases tomorrow. The probability of forming a reversal pattern is 30%, which makes it a support. Purchases from the current grades are not profitable, as there are no conditions for the formation of the “false breakdown” pattern.
Daily CZ – daily control zone. The area formed by important data from the futures market, which change several times a year.
Weekly CZ – weekly control zone. The zone formed by important marks of the futures market, which change 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
The movement in the Asian session made it possible for a breakthrough of the significant support zone of the WCZ 1/2 0.6992-0.6985. To continue the fall, this will require today’s closing of the US session to occur below the specified zone. This will open the way for a decline to the weekly CZ 0.6924-0.6911. The range of decline will be 74 points from the current levels, which indicates the search for a pattern to sell with a stop of not more than 20 points. The downward impulse is quite strong, which allows you to hold previously opened sales.
We can take note of the gap that was formed at the opening of today’s trading. There is a possibility of closing this price gap, so this must be taken into account in today’s trading plan.
To cancel the fall, this will require the absorption of today’s decline and the close of trading to occur above Friday’s high. This will allow to consider purchases tomorrow. The probability of forming a reversal pattern is 30%, which makes it a support. Purchases from the current grades are not profitable, as there are no conditions for the formation of the “false breakdown” pattern.
Daily CZ – daily control zone. The area formed by important data from the futures market, which change several times a year.
Weekly CZ – weekly control zone. The zone formed by important marks of the futures market, which change 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
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