Continued bearish correction after slightly deep retracement...
Comments
Trader_Dale
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Thanks for your great analysis!
Here is my view on EUR/GBP if you are interested:
Based on Market Profile (volumes) and Price Action there are two very strong resist/support zones. If you look at the Cummulative volume on the right you can see two main volume areas. The higher one was formed by cummulation of short trades that went into a strong sell-off. If the price comes there again there is high probability that the sellers will become active again.
Support around 0.8544 is very strong because it lies exactly at at a place where the heaviest volumes of the day were created. From this place the price shot higher indicating strong buyers in this area.
If trading those levels be extra carefull and dont trade during strong GBP news.
If you are interested there are more Market profile swing and intraday analysis in my profile page. You are very welcome there!
Dale
Here is my view on EUR/GBP if you are interested:
Based on Market Profile (volumes) and Price Action there are two very strong resist/support zones. If you look at the Cummulative volume on the right you can see two main volume areas. The higher one was formed by cummulation of short trades that went into a strong sell-off. If the price comes there again there is high probability that the sellers will become active again.
Support around 0.8544 is very strong because it lies exactly at at a place where the heaviest volumes of the day were created. From this place the price shot higher indicating strong buyers in this area.
If trading those levels be extra carefull and dont trade during strong GBP news.
If you are interested there are more Market profile swing and intraday analysis in my profile page. You are very welcome there!
Dale