On July 27th, we have identified a short-term support level at 1.10270, which aligns with volume node, resembling an order block from the previous daily trading range. At present, we find ourselves at the NPOC (Point of Control of the previous day's volume profile) but have not yet broken the daily market structure.
Taking a broader perspective, it appears that the current prices are discounted; however, they have not reached a significant level for me to consider a swing-long position. Instead, I executed a quick in-and-out scalp trade. I am patiently waiting for the price to drop even further towards lower NPOC levels before considering any further action.
Please note that the above information is presented in a professional manner and reflects observations and analysis in the financial market.
Taking a broader perspective, it appears that the current prices are discounted; however, they have not reached a significant level for me to consider a swing-long position. Instead, I executed a quick in-and-out scalp trade. I am patiently waiting for the price to drop even further towards lower NPOC levels before considering any further action.
Please note that the above information is presented in a professional manner and reflects observations and analysis in the financial market.
Daniel P. Fadejev
