FX.co ★ Control zones for EURUSD 23.03.20

Today, the EURUSD pair tested the last week's low, causing a spike in demand in the Asian session. If during the European session the pair opens above current levels, this could be the first step towards the formation of a correctional pattern. The first target is seen in the weekly control zone at 1.0825-1.0808.

On Friday, a local accumulation area was formed, so today it is necessary to focus on its extreme points.

The formation of an upward movement in the medium term will be possible given that today the pair closes above the weekly control zone. This will indicate the possibility of further growth. When the pair stops its uptrend in the weekly control zone and the sell pattern is formed, this will be a signal for entering a short position. In this case, the first target will be the new monthly low.

Daily control zone - an area formed by important data from the futures market that changes several times a year.

Weekly control zone - an area formed by important indications in the futures market which changes several times a year.

Monthly control zone - an area that reflects the average volatility over the past year.