Chart legend:
Yellow lines: These line represent the lower and upper boundary of the range that has been tracked for the last 30+ days.
Orange lines: Buy and sell side volume in the order book. These areas are where the buying and selling volume are the highest. Note that multiple zone could exist, these are just the strongest ones.
Purple lines: This is the combination of order book volume and frequency counting of prices. The combined weight shows where the market actually is in relation to current price of what the buyers and sellers want.
Outlook:
I believe the market is going to re-test the support area around 1.079. The order book suppport levels are considerably weak compared to the resistance levels and bearish pressure, so we could have prices set a new lower range over the week.
It should be taken into consideration though, that the bulls have had several weaker support level and still managed to fend off bearish pressure. While the frequency weighted support zone does look quite weak, the order book does have a substantial amount of orders placed below the area that could stave off the bears.
While a new lower range is possible, I don't believe there is going to be any major changes in the current market direction for the first half of the week at a minimum. I think the bears will need more of a show to really move the market lower for a substantially longer period of time.
Yellow lines: These line represent the lower and upper boundary of the range that has been tracked for the last 30+ days.
Orange lines: Buy and sell side volume in the order book. These areas are where the buying and selling volume are the highest. Note that multiple zone could exist, these are just the strongest ones.
Purple lines: This is the combination of order book volume and frequency counting of prices. The combined weight shows where the market actually is in relation to current price of what the buyers and sellers want.
Outlook:
I believe the market is going to re-test the support area around 1.079. The order book suppport levels are considerably weak compared to the resistance levels and bearish pressure, so we could have prices set a new lower range over the week.
It should be taken into consideration though, that the bulls have had several weaker support level and still managed to fend off bearish pressure. While the frequency weighted support zone does look quite weak, the order book does have a substantial amount of orders placed below the area that could stave off the bears.
While a new lower range is possible, I don't believe there is going to be any major changes in the current market direction for the first half of the week at a minimum. I think the bears will need more of a show to really move the market lower for a substantially longer period of time.