Strong Bullish Signal:
The price corrected down after the formation of the new resistance level. Nevertheless, the correction was stopped when the large volume appeared and was accumulated in the bottom of the fall. It shows that the smart money are not interested in a further fall of the price. Besides it, we should allocate the strong local uptrend.
Volume Zones:
We need to point out the new level of resistance/local maximum 1755.30 - 1757.00. Now the pair is trading nigh this mark.
Consider Long Positions:
Given all these factors, we may regard a scenario of the breakout of the resistance, which will be a great bullish signal. The growth must be sharp and supported by the large volume, which will be a more reliable signal for entering the market. A stop loss may be placed below the breakout volume bar.
Profit Potential:
More than 300 pips.
The price corrected down after the formation of the new resistance level. Nevertheless, the correction was stopped when the large volume appeared and was accumulated in the bottom of the fall. It shows that the smart money are not interested in a further fall of the price. Besides it, we should allocate the strong local uptrend.
Volume Zones:
We need to point out the new level of resistance/local maximum 1755.30 - 1757.00. Now the pair is trading nigh this mark.
Consider Long Positions:
Given all these factors, we may regard a scenario of the breakout of the resistance, which will be a great bullish signal. The growth must be sharp and supported by the large volume, which will be a more reliable signal for entering the market. A stop loss may be placed below the breakout volume bar.
Profit Potential:
More than 300 pips.