Volumetric analysis on October 17
Many assets have stopped showing local trends, which automatically should deprive us of interesting ideas. When the trends begin, no one knows. Today there are enough macroeconomic statistics, among which is the inflation rate in the Eurozone and England. The importance of this indicator is due to the fact that looking at the level of inflation, the Central Bank of the respective countries make decisions about further monetary policy. But the FOMC protocols, which are also in publications today, can be skipped. The likelihood that there will be some reaction to their publication is minimal, which was not said two weeks ago. According to EURUSD, we adjusted the resistance zone in time, as we see that it was exactly the level at 1.1635 that was not broken, and this tells us that the downward movement can still be considered. Of course, the probability of reaching 1.1505 has become less than yesterday, but, nevertheless, we consider the downward movement as the main one, at least until the price is above 1.1635.
The correction of the pair is quite deep, which indirectly indicates that the downward trend is not strong, and you probably shouldn't take special goals. But, nevertheless, the market structure is trend oriented, where the downward movement is the main movement. The fall target is 111.50. In addition, we slightly adjusted the resistance, now the level of 112.90 for us will be a kind of control, and only his breakdown will speak about stopping the trend down and maybe even the development of the trend up. But this idea is not for today.
Yesterday's American and European session was held under pressure from sellers. We have seen that market sales were predominantly on the market. We do not know that this is the entry points of sellers or the exit points of buyers, but the first and second reduces the likelihood of continued growth. Only falling below 1215 will tell us to stop the downward trend. Until then, the priority is up and the target for growth is 1240 or at least 1230.