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This month's upward movement has lead to a strong bullish momentum. However, by the end of the last trading week, the pair reached the monthly control zone. Therefore, the ongoing rally can come to a halt, and the supply is likely to increase significantly. The pair broke out of the middle range at the last week's closing, so there is 90% probability that a downward corrective movement will start. If a false break occurs while the pair will be retesting last week's high, it will be a signal to sell.
The current rise is middle-term, so the price should hold below the key support zones in order to confirm the bearish trend.
The alternative scenario is unlikely. Even if the bearish trend continues, it would be unwise to open buy deals at the current levels, so there is a high probability that big sellers will come. At the same time, the conditions to sell are not favorable yet, but short deals are potentially more profitable. The pair my start corrective downward movement at the start of this week.
The daily control zone is formed based on the key data from the futures market that is updated several times a year.
The weekly control zone is formed based on the key marks from the futures market that are updated several times a year.
The monthly control zone reflects the average volatility for the preceding 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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