Volumetric analysis on July 31
Statistics reported today could lead the currency pair to the movement. The pair came close to resistance 1.1745-1.1790, and it is likely that the breakdown will occur. But it is important that the forces of the buyers still exist. We will allocate support for 1.1695-1.1675. There could be an open interest of buyers, and while the price did not fall below 1.1675, EURUSD can be considered bullish oriented.
The news background made the pair grow, but this does not mean a change in structure and trend. We allocate zone of 1.3115-1.3190, we believe that in this place there may be a reaction and possible bounce down. The goal of the reduction may be, as a minimum, the current support at 1.3030.
The fall of the pair showed us that the pressure of the sellers is strong. And what is important for us, there are signs of a false breakdown and the presence of large volumes, haggling in a narrow range. We can conclude that there are sellers and that they are strong. So, downwards scenario is main for us. Possible target could lie at 0.9840.
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