Trading plan for EUR/USD pair on October 27, 2021

The EUR/USD pair is trading around the main support zone – WCZ of 1/2 1.1581-1.1573 today. If testing this zone leads to a stop of the fall and the "absorption" pattern is formed, then purchases may appear.

It is worth noting that when forming a trading plan, the upward medium-term pattern has not yet been 100% implemented. This can cause the decline to stop during the test of the Weekly Control Zone 1/2.

Today's daily candle should close above the opening of yesterday's trading. This will be a strong hint for a renewed upward impulse. If today's American session closes below the level of 1.1573, then the upward pattern will be broken and a new cycle of bearish momentum will begin.

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Both patterns have good potential, but it is still important to determine the direction. The easiest way to do this is after the closing of today's daily candle. With a downward movement, the probability of updating the October minimum will increase to 80%.

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

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