Volumetric analysis on November 12
Last weekend, we again received Brexit news. And these data turned out to be contrary to what is laid on the market. And what's more, the market should have received this information today, on Monday, but something went wrong over the weekends. Technically, we have found a trend downward structure on this pair. And in the price range of 1.2990-1.2960 there is a maximum accumulation of volume. How much this cluster can be taken seriously is an interesting question. On the one hand, it is quite likely that this volume is connected with the liquidation of positions before the hectic weekend, on the other hand, this may be a manifestation of the initiative of one of the parties to the market participants. The first idea is to wait for correctional growth in the zone 1.2960-1.2990 and from there sell for the purpose of 1.2860. This will be a bargaining trend, but rather aggressive, since resistance 1.2960-1.2990 may not give the expected effect. For a more conservative approach, you can wait for correctional growth in the area of 1.3010-1.3080 and from there you can sell with a view to 1.2910 or 1.2860. The appearance of prices above 1.3080 in the current conditions is unlikely without additional infusion of news from the outside.
We have received the long-awaited manifestation of the seller’s initiative. It was pulsed and did not have a serious correction. The fact that the price was not adjusted above the 1213.50 gives us grounds to assume that this sample is not false and that we can work on the sale from the same resistance 1210.50-1213.50. The target for the fall can be taken 1204. Considering the force with which the price fell on Friday, it can be assumed that a special corrective movement may not take place. Therefore, for risk takers, you can consider the probability of jumping from current prices. For a conservative approach, it is better to wait for corrective growth. At the same time, the emergence of prices above 1213.50 will not mean a reversal of the trend upwards, however, will give reason to doubt the continuation of the decline.