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A flat is formed on the EUR/USD pair. The lower border of the flat is at the level of 1.1579, while the upper one is at the level of 1.1619. It should be noted that moving beyond these marks will allow us to determine the further vector of the movement. Trading within the flat implies searching for purchases from the lower range and sales from the upper range.
It is also worth noting that this instrument has not updated the low formed on September 30 for the third day already, which indicates that a large number of limit orders have been placed to buy the instrument. And while the level of 1.1579 is being held, it can be assumed that there will be an increase to the Weekly Control Zone of 1.1651-1.1659. This pattern should be considered as the main one. It is necessary to fix profit while testing the WCZ.
Meanwhile, the transfer to breakeven can be made after updating the weekly high. It does not make sense yet to hold purchases in the mid-range since the growth is a correction to the September decline. The probability of continuing the decline after testing the indicated Weekly Control Zone increases significantly.
An alternative downward pattern will develop if today's trading closes below the level of 1.1579. This pattern will continue the downward impulse and will make it possible to look for sales in the mid-range.
It should be borne in mind that the risk in transactions should be strictly limited, and the size of the profit should exceed the risks at least three times.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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