Volumetric analysis on November 06
The situation has not changed. The news background in England is positive, the main thing is that the elections on the US Congress should not strengthen the dollar. And in general, in terms of market structure, purchases are in priority. We are not sure that a large movement is worth the wait, but the mark of 1.3150 can be set as a probable target. The cancellation level of our scenario lies at 1.2940. In the price range of 1.2975-1.2940, there was a lot of volume, and at yesterday's attempt to fall below it, the price experienced demand, and as a result, support. The question remained one, and, probably, the most important. Where to buy. Here everyone has to find the answer for himself. Some can be helped by different patterns and entry points, by others calculating potential profits and risks and the ratio between them. But, in any case, it is better to wait for a corrective decline in the region of the maximum volume that is on the chart, and only there to make trading decisions.
During yesterday's trading session, we can recognize the activity of sellers, which led to the breakdown of local support 1228. During the same activity, there was not allowed a large increase in assets. If we analyse the trading pattern on the futures market, we can conclude that the activity of the sellers is stronger. Therefore, you can look at the possibility of reducing quotes. However, we should not forget that we are in the center of a global outset, where support placed is in the range of 1218.50-1212.30 price tag, and the resistance is 1237-1243. If we see a breakdown of local support at 1229.50-1226.60, then after a small correctional pullback, it makes sense to count on the continuation of the decline to 1218.50.