As the price slides from June to August, there were a lot of volumes supporting the down move. As it slides lower from August to Sept, the volume were diminishing.
Since then, price picked up, and that's where volume started picking up too.
I am seeing 1.631 to 1.645 region as a strong support and 1.666 to be a strong resistance.
As seen on the weekly chart, the move up has more volume, as it slides down, there isn't any volumes.
Last week's candle was not supported by volume. However price action is still strong, and therefore I will look to short on higher ground.
I am looking inside this resistance zone. On the weekly chart, the up move is being held inside the previous week's candle (inside bar) and volume was not really supporting the up move. Therefore I think there can still be another pull back.
I published an idea last week, that if price made the unlikely move of going up, I will look for a short (see khng666). It really happened, and yes, I will be looking for a short. However, the whole week is very bullish, therefore I will wait for a bearish signal first before shorting.
