Volumetric analysis on August 08
We did not see a key level break out at this time. The growth of the currency pair is partially provoked by the news background, which generally weakens the US dollar. From the technical side, we again returned to the global outset of 1,1790-1,1530. Today, at the Asian session, we saw buyer’s initiative, and we can assume that the upward movement will continue towards to 1.1660. Possible downwards penetration is considered a correction, our support is placed at 1.1570. Clearance of this level would mean no directional priority on the market.
This pair is moving to its resistance of 0.7455-0.7485 on the USD Dollar depreciation background. The probability of its breakdown exists, but today we do not count on it. Our main scenario for today is the continuation of growth towards to 0.7455, volumes distribution also supports this idea. Until the price has fallen below 0.7410, we will assume that the force is on the buyer’s side.
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