What's next after the development of the EUR/USD upward pattern?

The EUR/USD pair reached the Weekly Control Zone of 1.1857-1.1840 yesterday, which indicates the completion of the upward cycle. The next movement will depend on testing the first support zone.

Today, the Weekly Control Zone of 1/4 1.1801-1.1797 is being tested. The pair's movement will continue in the first half of September depending on the reaction to this zone. If the pair manages to break through this zone and consolidates below during today's European session, then the decline will become interesting again for termination this week.

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Trading in a downward direction can become a priority for a long time. If yesterday was the first day of the new cycle, then the second half of the week will be a decline to the WCZ 1/2 1.1757-1.1749. The daily lows will be updated for the next two days.

Time will tell whether the fall will lead to a medium-term reversal and a test of WCZ 1/2. This zone is located at a significant level of the market maker formed last week. The probability of a large demand for its test is quite high.

The material has been provided by InstaForex Company - www.instaforex.com

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