Volumetric analysis on July 16.
The pair globally stands in the range with the boundaries of 1,1790-1,1525. This is the boundary of the entire contract which is traded on the CME. However, more locally, we can distinguish the support of 1,1645-1,1610, break through here could talk about the attempts to organize a downward trend. In addition, we can see the reaction of the price to resistance 1,1745-1,1790, with the probability of rebound, at least to current prices. Fundamental background can lead to high volatility and a change of forces.
On the bigger time frame, the pair as well as EURUSD are in the range trading. Friday closed at day maximum and drew an interesting candlestick figure. Interest is supported by 1.3195-1.3218. The retreat from this zone is possible and target of this rebound is seen at 1.3260 or even 1.3300.
Globally, the trend is upward oriented. Now the price is inside the local range with the boundaries of 111,80-112,80. The probability of growth remains in power therefore, we can expect a retreat from support 112.15-111.80 and a breakdown resistance of 112.55-112.80. If the price clear support at 111.80, then the uptrend scenario can be temporarily forgotten.
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