Today, the pair is trading within the Weekly Control Zone 1/2 0.6267-0.6261. To continue the decline, the formation of a pattern of absorption or false breakdown will be required. In case of reduction, the first target will be the October minimum. A further drop will depend on the reaction to the monthly minimum.
If the closing of trading at today's Asian session occurs above the level of 0.6267, then this will be the first signal to form a reversal model of a higher timeframe.
An alternative model will be developed if the closure of today's trading occurs above the Weekly Control Zone 1/2. This will open the way for the pair to grow to a weekly control zone of 0.6333-0.6321. It is important to understand that the formation of the "false breakdown" pattern at the daily level took place at the beginning of the current month. Moreover, the potential medium-term movement in case of violation of the bearish structure will be 250 points.
Daily CZ - daily control zone. The zone 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. The zone that reflects the average volatility over the past year.
