Strong Bullish Signal:
The price demonstrated an abrupt and sharp growth supported by the large volume. It means that the smart money pushed the price up. Moreover, given that the growth totally absorbed the previous fall, which shows the weakness of sellers at the moment.
Volume Zones:
We need to allocate the new volume level of support 1.2880 - 1.2898. The price resumed an abrupt growth after its formation.
Consider Long Positions:
Given all these factors, we should give preference to long positions. We may enter the market after a smooth downward correction of the price, in order to get a better entry point. A stop loss should be placed below the new support level.
Profit Potential:
More than 170 pips.
To learn more about order flow based volume trading, sentiment analysis and trading against the retail crowd see the educational article below -
The price demonstrated an abrupt and sharp growth supported by the large volume. It means that the smart money pushed the price up. Moreover, given that the growth totally absorbed the previous fall, which shows the weakness of sellers at the moment.
Volume Zones:
We need to allocate the new volume level of support 1.2880 - 1.2898. The price resumed an abrupt growth after its formation.
Consider Long Positions:
Given all these factors, we should give preference to long positions. We may enter the market after a smooth downward correction of the price, in order to get a better entry point. A stop loss should be placed below the new support level.
Profit Potential:
More than 170 pips.
To learn more about order flow based volume trading, sentiment analysis and trading against the retail crowd see the educational article below -
