Current situation:
The pair showed a sharp growth, however, it is still located within the local consolidation right now. We should point out that the large volume accumulation is concentrated inside it. Therefore, the smart money are gaining there positions before the next sharp movement.
Volume Zones:
The boundaries of the consolidation are the support level 1.0780-1.0791 and the resistance level 1.0965.
Sentiment:
This technical indicator shows equality between purchases and sales among retails traders. This is a regular situation for instruments, that are trading in consolidations. Thus, we should watch this indicator, especially in case of the exit of the price from the range.
https://d.radikal.ru/d35/2004/e3/eafda02564e0.png
Consider New Positions:
Given all these factors, we may regard new positions only after the exit of the price from local consolidation. The breakout movement must be keen and supported by the large volume, which will be a more reliable signal for entering the market.
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, however, it is still located within the local consolidation right now. We should point out that the large volume accumulation is concentrated inside it. Therefore, the smart money are gaining there positions before the next sharp movement.
Volume Zones:
The boundaries of the consolidation are the support level 1.0780-1.0791 and the resistance level 1.0965.
Sentiment:
This technical indicator shows equality between purchases and sales among retails traders. This is a regular situation for instruments, that are trading in consolidations. Thus, we should watch this indicator, especially in case of the exit of the price from the range.
https://d.radikal.ru/d35/2004/e3/eafda02564e0.png
Consider New Positions:
Given all these factors, we may regard new positions only after the exit of the price from local consolidation. The breakout movement must be keen and supported by the large volume, which will be a more reliable signal for entering the market.
To learn more about order flow based volume trading, sentiment analysis and trading against the retail crowd see the educational article below -
