As long as the pair is trading above the WCZ 1/2 1.0129-1.0119, the upward movement will remain a priority from the mid-term point of view. The formation of a three-week accumulation zone is now visible, so the long position will aim for the upper limit of the flat, which is located at the high of the current week. Working in a flat implies partial or full consolidation of transactions at the boundaries of the range.
If you look at the higher timeframe, you can see that the downward movement is still corrective, which allows you to assume an update of the monthly peak with a high probability.
To cancel the upward momentum, it will be necessary to close today's trading below the level of 1.0119. This will indicate the need to sell the instrument at the beginning of next week. Do not forget that yesterday the pair reached the zone of the average weekly move, so the closing of trades below yesterday's low has a probability below 30%.
Daily CZ - daily control zone. The area formed by important data from the futures market, which change several times a year.
Weekly CZ - weekly control zone. The zone formed by important marks of the futures market, which change 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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