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The movement of the pair yesterday allowed the instrument to remain in the flat phase. It should be noted that the fall was stopped at weekly CZ of 1.2832-1.2793, which makes this an important range for medium-term support.
Last week, a local accumulation zone was formed, therefore the 1/2 CZ of 1.2983-1.2964 is currently an important resistance. While the pair is trading below this zone, the bearish momentum is considered to be incomplete. The probability of returning to the February low is 70%. The most favorable prices for the sale of the instrument are within the a CZ as indicated above.
Working in the accumulation phase involves finding favorable prices for both buying and selling. Bargain prices are usually located near the extremes of past weeks. If there is a coincidence with the control zones, then such levels must be used to set limit orders.
An alternative model will be developed if the pair can break through and consolidate above the level of 1.2983 in today's US session. This will make it possible to consider the completion of the downward impulse, which will make it possible to look already for purchases headed towards a new impulse in tomorrow's European session.
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.
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