Volumetric analysis on September 3
The CME, whose volumes we analyze, closes at 20:00 Moscow time today. In general, the day can be considered non-volatile, because usually there are very low volumes on such days. However, our attention is attracted by activity on the American session on Friday. There are reasons to believe that the strengthening of the dollar has passed in many directions. For example, on Euro in the price range of 1.1625-1.1655 probably there are an open interest of the sellers, and when correcting the price in this area, it is correct to look for entry points with possible target at 1.1565. The appearance of price above the 1.1655 will add uncertainty to the technical picture, and it is better to stay aside on that pair.
The market opened with a downwards gap and many, probably, have already started to execute trades against the Gap. But for us, closing the gap is just a correction to the zone of probable resistance at 1.2970-1.3005, where a very interesting volume took place on Friday. In general, according to the technical picture, we pass to the trade phase in the outset, which is not very pleasant, but there is reason to believe that two-week uptrend ceased to exist. And a couple of quiet days should pass in flat.
On this pair, the downward movement looks like a steady tendency. The only unpleasant moment is that the maximum volume is in the range of 0.7275-0.7315, and correction to these marks is quite possible, and therefore it will not be considered as an upward trend. It's just a deep correction. But today we will expect that everything is less complicated, and the price will rebound from the range of 0.7205-0.7235. The purpose of the fall is not indicated, since there is nothing particularly interesting on the history. If you took bearish positions, then the goals should be calculated based on the risk-to-premium ratio in the transactions.
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