As long as the pair continues to trade above the weekly CZ of 1.3138-1.3119 with the growth remains to be the priority. The first goal of the upward movement is the 1/2 CZ of 1.3221-1.3211, formed from the low of the current week. All movement occurs in the accumulation phase, where transactions from flat boundaries are most profitable. Yesterday's purchases should be partially fixed when the price reaches the first goal while the rest can be transferred to breakeven.
Working within the framework of the flat does not provide an opportunity to count on a large number of profit points, therefore, partial fixation compensates for this moment and makes it possible to improve the risk-to-profit ratio after the instrument leaves the flat trend.
An alternative model will be developed if today's closure of the American session happens below the level of 1.3119. This will open the way for a further decline. The first goal of such a reduction will be the 1/2 CZ of 1.3022-1.3012. A movement to this zone will allow updating the February low or testing it already in the new month.
Daily CZ - daily control zone. The area formed by important data from the futures market that change several times a year.
Weekly CZ - weekly control zone. The area formed by marks from important futures market which change several times a year.
Monthly CZ - monthly control zone. The area is a reflection of the average volatility over the past year.The material has been provided by InstaForex Company - www.instaforex.com