The upward movement of last week did not allow us to form a reversal pattern at the weekly level, so now it will be important how the price behaves relative to the accumulation zone of 1.2134 to 1.2117. Today, there are clearly large limit orders to buy below the level of 1.2117 and to sell above the level of 1.2134. Until the daily trading closes outside the specified range it is not possible to determine the further priority.
As soon as one of the borders gives up its position, we will have the opportunity to enter into a deal that will become the main one for the second half of the month.
Today, the pair is trading above the accumulation zone. However, it is required to close one of the active trading sessions above or below the specified zone. If the close is higher then, the growth target will be WCZ 1/2 1.2216 - 1.2208. The potential profit will be 80 points.
If the closing of the day trading occurs below the level of 1.2117, the target of the fall will be the WCZ 1/2 1.2070 - 1.2062. In this case, the profit amount will be around 60pp.
