Strong Bearish Signal:
The price resumed the sharp fall and the pair totally absorbed the recent upward correction, which means that buyers don't have power to propel the price upwards. Moreover, there is a strong downtrend.
Volume Zones:
We need to point out the new support level/local minimum 1.2694 - 1.2707, which contains the large volume. The price is trading near this mark at the moment.
Sentiment:
This indicator shows that 81% retails traders are in long positions, which is a good additional signal for us (trading against the "crowd").
https://c.radikal.ru/c30/2012/f9/5d526ba4700c.png
Consider Short Positions:
Given all these factors, we may ponder a scenario of the support level breakdown, which will be a great bearish signal. The breakdown movement must be keen and supported by the large volume, which will be a more precise signal for entering the market. A stop loss may be placed above the breakdown volume bar.
Profit Potential:
More than 100 points.
To learn more about order flow based volume trading, sentiment analysis and trading against the retail crowd see the educational article below -
The price resumed the sharp fall and the pair totally absorbed the recent upward correction, which means that buyers don't have power to propel the price upwards. Moreover, there is a strong downtrend.
Volume Zones:
We need to point out the new support level/local minimum 1.2694 - 1.2707, which contains the large volume. The price is trading near this mark at the moment.
Sentiment:
This indicator shows that 81% retails traders are in long positions, which is a good additional signal for us (trading against the "crowd").
https://c.radikal.ru/c30/2012/f9/5d526ba4700c.png
Consider Short Positions:
Given all these factors, we may ponder a scenario of the support level breakdown, which will be a great bearish signal. The breakdown movement must be keen and supported by the large volume, which will be a more precise signal for entering the market. A stop loss may be placed above the breakdown volume bar.
Profit Potential:
More than 100 points.
To learn more about order flow based volume trading, sentiment analysis and trading against the retail crowd see the educational article below -
