Volumetric analysis on October 30
Yesterday was a mixed day without special events and market participants initiative. By the way, today there are no important events as well and therefore the price could spend the day in the sideways movements. From the point of view of volumes, you can try to determine the future boundaries of the intended outset. This resistance is 1.1400-1.1445 and support 1.1350-1.1300. Accordingly, you can try to work on the rebound from these ranges. At the same time, it should be taken into account that the tendency was bearish and the maximum volumes are now also above the current price. Indirectly, this suggests that our priority is still down at least until the price has passed 1.1495. Therefore, it’s still better to look more closely at sales, at least because when the resistance breaks through 1.1445, the price will face other large volumes and a special move may not work out. A break of 1.1300 opens up new horizons for us to decline.
On this pair, we continue to rely on the old scenario- the initiative of buyers, the breakdown of 1.2855 and after that the rollback movement towards to 1.2900 and 1.2960. The volume that has been traded at current prices is already maximal, which means that we cannot rule out a reversal of the trend downward and you have to be ready for everything. By the way, you have to be ready for the breakdown of 1.2775 minimum. According to a number of brokers, under the minimum of October 26, in the price range of 1.2775-1.2761 there is a large number of applications for sale at market prices. And this means that when updating this minimum, we are very likely to see the impulse movement to 1.2761, associated with the execution of the stops of other market participants. It will turn out to be a false or true breakdown later. And it is better to return to this point tomorrow.