The downward medium-term movement remains a priority, since the main resistance zones remain untouched. On Tuesday, the pair continued its downward movement, and the next target was the NKZ 1/2 1.2931-1.2921.
The current phase of the market is a bearish momentum. This makes it possible to sell the instrument in case of corrective growth. The first resistance for Wednesday's growth will be NKZ 1/4 1.3040-1.3035. If a pattern for sale is formed below the specified zone, then opening a short position will be a profitable investment. A downside target is the 1/2 NKZ 1.2931-1.2921, which will result in a risk-to-profit ratio for sales of 1 to 3 or more.
The determining resistance is NKZ 1/2 1.3102-1.3091. As long as the pair is trading below the specified zone, the downward movement will remain an impulse, and the probability of updating the July low will be 70%.
To break the downward medium-term model, the pair will need to grow and the day's US session should close above the level of 1.3102. This will allow us to consider the purchase tomorrow. The growth target will be the weekly short-term index of 1.3227-1.3204, where the fate of the downward medium-term momentum will be determined. The probability of forming an upward model is 30%, which makes it auxiliary one.
Daytime CP is the daytime control zone. The zone formed by important data from the futures market, which changes several times a year.
Weekly CP is the weekly control zone. The zone formed by important futures market marks, which changes several times a year.
Monthly CP is the 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.
InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.