Downward movement remains a mid-term momentum. This allows you to keep sales open last week or earlier. Sales from current grades are not profitable.
Yesterday, the formation of a downward model continued. Any growth must be perceived as corrective. The first resistance will be the 1/4 control zone of 0.9923-0.9918. When testing this zone, you can search for a pattern for sale. The determining resistance will be the 1/2 control zone of 0.9979-0.9969. As long as the pair is trading below this zone, the downward movement will continue to have a medium-term bearish impulse. The target of the fall is the 1/2 CZ of 0.9798-0.9789.
Purchases of the instrument will contradict the current impulse, hence, it is better to abandon them until at least the first resistance zone is passed. The structure of the downward movement indicates opportunities for repeated sales of the instrument.
Violation of the bearish structure will require growth, which will lead to the closure of today's trading above the level of 0.9923. This will allow us to consider the formation of a local accumulation zone, where the growth target will be a CZ of 0.9979-0.9969. or the complete abolition of the downward impulse, it will be necessary to absorb the fall of the current week and close the American session above the level of 0.9979 today. The probability of this event is below 30%, which does not allow using this plan as the main one.
Daily CZ - daily control zone. The area formed by important data from the futures market that change several times a year.
Weekly fault - weekly control zone. The area formed by marks from important futures market which change several times a year.
Monthly fault - monthly control zone. The area is a reflection of the average volatility over the past year.
