The pair continues to trade within the flat framework of the medium-term. Yesterday, another compilation zone was formed, which allows us to determine the direction of trade for the next 3-5 days.
Yesterday's close of the American session occurred below the zone of bank compilation, which indicates a top-down priority of the second half of this week. Any upward movement should be considered for the formation of a reversal pattern. This will allow you to find advantageous prices for the sale of the instrument. The most favorable prices are located within the compilation zone, so it makes sense to set a limit order when this zone is reached.
The size of the take profit exceeds the stop-loss for three times, which makes the sale profitable. It is important to understand that the work is carried out within the flat framework of the medium-term, indicating the need to fix most of the position when reaching the June extremes.
To cancel a downward impulse, it needs to take over yesterday's' decline and close the trades above the zone of bank compilation. This will indicate the set of positions of major players to buy, which in the medium term will lead to the renewal of the July high. The trading plan will require adjustments, and purchases will come to the fore immediately after the close of the American session above the resistance zone.
The material has been provided by InstaForex Company - www.instaforex.com