Strong Bullish Signal:
The pair showed a sharp growth and tested the level of resistance. The price did not break it out, but is still trading near it. Given that the recent downward correction has been totally absorbed, we may state that sellers are weak at the moment.
Volume Zones:
We need to point out an important level of resistance/local maximum 1.1895. The price is currently testing it.
Sentiment:
This indicator shows that 74% retails traders are in short positions, which is a good additional signal for us (trading against the "crowd").
https://a.radikal.ru/a13/2011/13/7311651f9c30.png
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 rise must be keen and supported by the large volume, which will be a more secure signal for entering the market. A stop loss may be placed below the breakout volume bar.
Profit Potential:
More than 100 pips.
To learn more about order flow based volume trading, sentiment analysis and trading against the retail crowd see the educational article below -
The pair showed a sharp growth and tested the level of resistance. The price did not break it out, but is still trading near it. Given that the recent downward correction has been totally absorbed, we may state that sellers are weak at the moment.
Volume Zones:
We need to point out an important level of resistance/local maximum 1.1895. The price is currently testing it.
Sentiment:
This indicator shows that 74% retails traders are in short positions, which is a good additional signal for us (trading against the "crowd").
https://a.radikal.ru/a13/2011/13/7311651f9c30.png
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 rise must be keen and supported by the large volume, which will be a more secure signal for entering the market. A stop loss may be placed below the breakout volume bar.
Profit Potential:
More than 100 pips.
To learn more about order flow based volume trading, sentiment analysis and trading against the retail crowd see the educational article below -
