Hello, dear traders.
Monday is a difficult day for many, but long-awaited for us.
Today, I expect a pullback.
On Friday, the price bumped into the area of 1.1060, but failed to break through it.
Now we are pulling down and the first important stop on which the further direction of the intraday movement will depend is the level of 1.1020.
If we break through it, the uptrend will be temporarily cancelled.
The first important downward target is in the range 1.0990-1.0980.
This is where we can get support of bulls and continue growth in the medium term.
Besides, this is also an area where maximum liquidity for futures has been accumulated over the past week.
And not only over the past week, but also from the start of the contract.
So, is it important to achieve this area and see what traders will do.
If we break through it in a downward direction, the uptrend will be cancelled in the medium term.
If we rebound from it, we will open purchases and move on to the area of the 12th figure.
As for the current contract, it turns out that we have reached the 11th figure with the maximum open interest in call options.
I think it is not interesting to pull the price higher. I believe we should go down.
And if we consider the contract in more detail, it can be seen that on Friday (when the 11th figure was achieved), traders started to add put options at the bottom.
In general, I think this is a sign of a downward trend.
At the moment, we are likely to go down by at least 100 pips, somewhere in the area of 1.1095-96 at forex prices.