Today, there have been regular operations on the open market, which allows us to determine the compilation zone of the bank. The significant area for today is located near the level of 1.1720, which indicates the consolidation above the previous zone.
After a month’s flat, the couple was able to go beyond its upper limit. To continue the growth, it will be necessary to keep the price above the level of 1.1722. This will keep open purchases and consider new long-term transactions in the medium term. Confirmation above the zone of bank compilation will be the closure of today’s US session. The next goal of the ascending model will be the June high.
It is important to understand that the achievement of the June maximum can cause the appearance of a major proposal. This indicates the need to fix most of the purchases that are open at the current and past weeks.
Closing purchases will also be required if the price fixes below the zone of bank compilation today, as this will mean the formation of an accumulation zone or a reversal pattern. retention of purchases, in this case, will cease to be profitable. Closure of today’s American session below the zone of bank compilation will allow consideration of the local sales. The purpose of which will be to return to the zone of last week, where a large number of open positions of major players are concentrated. This may allow you to get better prices for the purchase in the near future.
The material has been provided by InstaForex Company – www.instaforex.com