Last Friday (22nd of February) EURUSD closed at 1.133.
Seventy percent (70%) of all February's VOLUME, happened between 1.135 (Upper Limit), and 1.126 (Lower Limit). The Highest Volume traded for the entire month of February, was at 1.1329. Just below Friday's close.
We are at a level of heavy resistance and lots of crushed bull dreams. Since 2015, there were multiple attempts to break this barrier, with no luck. The one time prices broke upwards, we had an amazing rally all the way up to 1.255.
Also, during the last few months, 3 monthly highest volume prices (for the entire month) fell between 1.138 and 1.141. This is another heavy resistance range just above our current price action.
Last Friday's volume (22 Feb.) from 1.33 (close) down to 1.31 (lows of the day), was very small. This means that any potential price fall will probably not meet any significant resistance. If the bears take charge, price can fall relatively easy. If it does, the first volume support level will be all the way down to 1.126. The lower level of the price square that engulfs 70% of volume for February.
It's a good target and a good move to expect. If one has enough margin to sell some futures contracts and survive the trip down, or buy a put option ( a straddle to be more professional, I guess :) ), this move looks promising. Let's see what happens! And lets approach our trades with no ego and stubborness. I mean the market is bigger than all of us. If it decides to go up, adjust the positions and go with the trend! There are no extra points for being "right" or "wrong". Just profits and losses...
Be safe and profitable, and let's have a great week!
Seventy percent (70%) of all February's VOLUME, happened between 1.135 (Upper Limit), and 1.126 (Lower Limit). The Highest Volume traded for the entire month of February, was at 1.1329. Just below Friday's close.
We are at a level of heavy resistance and lots of crushed bull dreams. Since 2015, there were multiple attempts to break this barrier, with no luck. The one time prices broke upwards, we had an amazing rally all the way up to 1.255.
Also, during the last few months, 3 monthly highest volume prices (for the entire month) fell between 1.138 and 1.141. This is another heavy resistance range just above our current price action.
Last Friday's volume (22 Feb.) from 1.33 (close) down to 1.31 (lows of the day), was very small. This means that any potential price fall will probably not meet any significant resistance. If the bears take charge, price can fall relatively easy. If it does, the first volume support level will be all the way down to 1.126. The lower level of the price square that engulfs 70% of volume for February.
It's a good target and a good move to expect. If one has enough margin to sell some futures contracts and survive the trip down, or buy a put option ( a straddle to be more professional, I guess :) ), this move looks promising. Let's see what happens! And lets approach our trades with no ego and stubborness. I mean the market is bigger than all of us. If it decides to go up, adjust the positions and go with the trend! There are no extra points for being "right" or "wrong". Just profits and losses...
Be safe and profitable, and let's have a great week!