The upward movement of the pair is a medium-term upward momentum that makes the downward transactions not yet profitable. The probability of updating the December maximum is 70%.
Yesterday's growth allowed the pair to overcome the important 1/2 CZ of resistance at 0.6777-0.6770, which means that growth is more likely to continue. The most favorable prices for the purchase of tools are located within the 1/2 CZ of 0.6745-0.6738. However, it is necessary to take into account the fact that the pair has already reached the monthly control zone of January. The probability that growth will continue outside its borders is close to 30%, therefore, purchases from current grades become unprofitable and a reversal pattern does not yet form for sale.
Everything described above indicates that it is not recommended to open deals on the instrument until testing the 1/2 CZ of 0.6745-0.6738. If purchases at lower prices are already open, it is better to close them because of the increased likelihood of a strong offer.
An alternative model will be developed if today's US session closes below 0.6738. In this case, the pair will move to a new phase of the medium-term decline to the weekly short-term price of 0.6675-0.6661. An ascending model with a fixation above yesterday's maximum has a probability of 30%, which makes it unsuitable for trading.
Daily CZ - daily control zone. The area formed by important data from the futures market that change several times a year.
Weekly CZ - weekly control zone. The area formed by marks from important futures market which change several times a year.
Monthly CZ - monthly control zone. The area is a reflection of the average volatility over the past year.
The material has been provided by InstaForex Company -
www.instaforex.com