Volumetric analysis on August 24
We observe a pause in the trend. In this case, we see resistance at 1.1585-1.1630 and support at 1.1540-1.1490. Looking ahead, we can notice that there are signs of strengthening the US dollar, and hence here we could expect a decrease. But it did not take place so far. According to the ideas of volumetric analysis of the market, we must assume continuation of the development of the trend, which means that for us the growth of quotations is a priority movement, until the price is above 1.1490. Thus, we continue to pursue yesterday's idea, the rebound from our support and the continued growth, but the probability of a trend reversal today is greater than it was yesterday.
In this pair we observe the strengthening of the US dollar on the basis of the last trading day. And what's more important, the price has broken through the support, and now it's right to consider the downward movement as the main one. At the opening of the US session, we saw an interesting volume of transactions, which then took the initiative down, and we assume that in the price range of 1,2850-1,2910 there was an open interest of the seller. Therefore, with the growth of quotations we are waiting for the reaction of the price and the rebound from this range towards 1.2750. This level will be our goal for today.
Another pair where the power of the US dollar is visible, and, in general, we have received signs of an upward structure. We will assume that in the price range of 1.3065-1.3025 there was an open interest of the buyer, and when the price is rolled back into this range, we will wait for the release to go up to 1.3130. The range of 1.3065-1.3025 is suitable for us, because in yesterday's trading session we saw initiative of buyers and a small rollback. At this moment Bulls take initiative over the Bears.
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