Strong Bearish Signal:
The price corrected down after the creation of the new support level. Nevertheless, the pair has already resumed sinking. Moreover, we need to point out the presence of the strong local downtrend.
Volume Zones:
We need to allocate the new level of support 1.1071 - 1.1076, which contains the large volume. The price is testing this level at the moment.
Sentiment:
This indicator shows that 69% retails traders are in long positions, which is a good additional signal for us (trading against the "crowd").
https://b.radikal.ru/b28/2001/27/a8743b87f223.png
Consider Short Positions:
Given all these factors, we still should give preference to short positions. However, we may enter the market only after the sharp breakdown of the new support level on the large volume. It will be a more accurate signal for entering the market. A stop loss should be placed above the breakdown volume bar.
Profit Potential:
Around 90 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 corrected down after the creation of the new support level. Nevertheless, the pair has already resumed sinking. Moreover, we need to point out the presence of the strong local downtrend.
Volume Zones:
We need to allocate the new level of support 1.1071 - 1.1076, which contains the large volume. The price is testing this level at the moment.
Sentiment:
This indicator shows that 69% retails traders are in long positions, which is a good additional signal for us (trading against the "crowd").
https://b.radikal.ru/b28/2001/27/a8743b87f223.png
Consider Short Positions:
Given all these factors, we still should give preference to short positions. However, we may enter the market only after the sharp breakdown of the new support level on the large volume. It will be a more accurate signal for entering the market. A stop loss should be placed above the breakdown volume bar.
Profit Potential:
Around 90 points.
To learn more about order flow based volume trading, sentiment analysis and trading against the retail crowd see the educational article below -
