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On Friday, the formation of a reversal pattern occurred, indicating an upward priority that determines the trade direction for today. The growth target is the weekly KZ 1.1503-1.1484.
Last week, there was a test of the monthly KZ in August which determined the emergence of large demand. At the end of the week, a reversal pattern was formed after the close of the American session above the NKZ 1/2 1.1402-1.1393. This makes it possible to search for purchases with any reduction in the pair, which is corrective. The first support will be the NKZ 1/4 1.1399-1.1395. Testing this zone will enable traders to gain favorable prices for purchases and set a small stop on the possible take-profit, which will be located within the weekly KZ 1.1503-1.1484.
It should be considered that the upward movement is still corrective from the mid-term point of view, therefore, purchases are required to be fixed during the weekly short-term test, which will act as the determining resistance.
The torus will remain unchanged from current marks. This will prevent players to gain favorable prices for buying, but for those who already hold a long position will quickly close the deal for take profit. Another option for purchases will be the decrease to the maximum possible correction zone for NKZ 1/2 1.1353-1.1344. If this happens, then the pair will test again the monthly control zone, which will make it possible to buy at the most favorable prices. The ratio of risk to profit of these transactions will exceed from 1 to 4, which will make them profitable.
Daytime CP is the daytime control zone. The zone formed by important data from the futures market, which change several times a year.
Weekly CP is the weekly control zone. The zone formed by important futures market marks, which change several times a year.
Monthly CP is the monthly control zone. The zone is a reflection of the average volatility over the past year.
* The presented market analysis is informative and does not constitute a guide to the transaction.
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