Strong Bearish Signal:
The price continued falling and now is trading near the support level. Given the recent sharp drop on the large volume, we may infer that the smart money are still pushing the pair down.
Volume Zones:
It is necessary to highlight the support level 1.1705 - 1.1712, which contains the large volume.
Consider Short Positions:
Given all these factors, we may consider a scenario of the support level breakdown. The move must be keen, confident and supported by the large volume, which will be a more reliable signal for entering the market. A stop loss may be placed above the breakdown volume bar.
Profit Potential:
More than 120 points.
To learn more about order flow based volume trading, sentiment analysis and trading against the retail crowd see the educational article below -
The price continued falling and now is trading near the support level. Given the recent sharp drop on the large volume, we may infer that the smart money are still pushing the pair down.
Volume Zones:
It is necessary to highlight the support level 1.1705 - 1.1712, which contains the large volume.
Consider Short Positions:
Given all these factors, we may consider a scenario of the support level breakdown. The move must be keen, confident and supported by the large volume, which will be a more reliable signal for entering the market. A stop loss may be placed above the breakdown volume bar.
Profit Potential:
More than 120 points.
To learn more about order flow based volume trading, sentiment analysis and trading against the retail crowd see the educational article below -
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.