For the third week, the formation of a medium-term accumulation zone continues, where the main levels of support/resistance are monthly extremes. Today, the pair is trading within the a WCZ, which makes it possible to consider both the growth resumption model and the reversal pattern that will allow selling the instrument early next week.
During the formation of the flat, the pair never went beyond the weekly average turn, which indicates a high probability of the continuation of this phase. Working in flat means closing and opening positions at the boundaries of ranges without transferring deals to the medium term.
An alternative fall model will be developed if the closure of today's US session happens below 1.1175. This will allow you to search for sales from the beginning of next week. It is important to understand that the probability of the formation of this model is still 30%, since the pair is in the flat phase.
Daily CZ - daily control zone. The area formed by important data from the futures market, which changes several times a year.
Weekly CZ - weekly control zone. The area formed by marks from the important futures market, which changes several times a year.
Monthly CZ - monthly control zone. The area is a reflection of the average volatility over the past year.
