The downward movement, formed last week, is still a trigger. This implies the search for favorable prices for selling the instrument. Today's growth has reached the average daily range, which has led to the emergence of a proposal.
Last week, there was a breakthrough in the NKZ 1/2 0.6899-0.6892. This made it possible to consider the current growth as an opportunity to open a short position. It is important to understand that the main goal is the weekly short-term order of 0.6829-0.6815. Until this zone is reached, the probability of renewed growth is less than 30%. The main plan is to keep the sales opened last week, or search for a pattern to sell at better prices.
It should be taken into account that the current downward movement is still against a strong bullish momentum. Therefore, fixation on the weekly short-term should be large enough, in the region of 70% of the entire position.
For the formation of the reversal model, it will be necessary to continue the growth of the pair and closing the nearest US session above NKZ 1/2 0.6914-0.6907. If this happens, the new target for purchases will be the weekly short-term 0.6991-0.6977, which coincides with the December high. This makes this range significant in the medium term. While the pair is trading below 0.6991, the main focus of work remains the fall.
Day short - daily control zone. The zone formed by important data from the futures market, which change several times a year.
Weekly KZ - weekly control zone. The zone formed by the important marks of the futures market, which change several times a year.
Monthly KZ - monthly control zone. The zone, which is a reflection of the average volatility over the past year.
