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Today, the pair returned again to the weekly control zone 0.9951-0.9929, which indicates the formation of a medium-term accumulation zone. Keeping the price below this zone and forming an absorption pattern will allow you to close the remains of a long position and enter the sale. The target of the downward movement will be the minimum of the last week, which was formed thanks to testing the WCZ 1/2 0.9807-0.9796.
On the higher timeframe, you can track a clear upward trend. Continued growth will target the maximum of July, which is a quarterly extreme.
An alternative model of continued growth will be developed if the pair can gain a foothold above the weekly control zone. This will open the direction for further growth. Closing of today's trading should occur either within the zone or above it. Purchases from the current levels are not profitable, as the probability of a large offer is increasing.
Daily CZ - daily control zone. An area 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. An area that reflects the average volatility over the past year.
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