Volumetric analysis on October 16
Yesterday was non-volatile day. Special movements were seen only on USDCAD. And it seems to be usually for Monday, but still evoke some suspicions. For example, EURUSD almost broke through the resistance at 1.1610, adds discomfort to our idea that we should wait for a price depreciation. We will correct our resistance levels, now we seen it at 1.1635 - 1.1570, and this is probably correct, because important volumes are located down to 1.1635. Thus, only the breakdown of 1.1635 will tell us about a reversal of the trend upwards, up to this point we consider the downward movement as the main one.
This asset rewarded only brave market participants with a profit, as Friday’s stop forced to doubt our ides. As a result, we can fix the fact of achieving the goal of 1230 and count on the next goal of 1240. The support for us is the price level at 1226.50-1215. Reducing the price below 1215 will indicate that there is no more upward trend.
Oil moves same way as Gold did on Friday. Not going to our goal, but does not contradict with our assumption. Of course, the absence of any movement is not good, because market expectations may change within the framework of a narrow outset, and we may not notice it. Although, we continue to consider the downward movement as the main one, the likelihood of such price action today is less than yesterday. Accordingly, if you make trading decisions, it is possible, after additional signals, or the appropriate volume. The target for the decline is seen at 68.80 and 69.90.