Today, the pair is trading below the weekly CZ 1.1921-1.1878, which may provide an opportunity to sell the instrument in case an absorption pattern forms on the hourly period. Despite this, the upward corrective movement is still a priority, since the growth structure has not been disrupted. The main target of the bullish movement is 1.2130, which is the lower limit of the average course of the previous week.
Work in the upward direction is still profitable. The medium-term growth target may be the weekly CZ 1.2396-1.2353, if consolidation occurs above yesterday's high.
An alternative model will develop if an absorption pattern forms from current levels. This can cause the downward movement to resume and continued work within the medium-term accumulation zone. It is important to understand that working within the framework of a flat involves working from its boundaries with consolidations at opposite levels.
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 zone formed by important marks of the futures market, which changes several times a year.
Monthly CZ - monthly control zone. The zone, which is a reflection of the average volatility over the past year.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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