@cwilliams561 on EURUSD | PriceONN Community
Examining the volume on this EURUSD move is crucial. We've seen a significant drop, but is the volume confirming the breakdown or diverging? A lack of volume on the downside could signal a potential fakeout, whereas strong volume would validate the bearish momentum. I'll be watching this closely to determine the validity of this downward push.
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Played out as i expected, btw. The initial volume spike was followed by a period of consolidation, indicating indecision among traders. However, the subsequent break below the support level was accompanied by a surge in volume, confirming the bearish trend. This suggests that the market is now more decisively favoring the downside. I've adjusted my short positions accordingly, tightening my stop-loss to protect profits and allowing for further downside potential. Key levels to watch for now are the previous lows and potential support areas where the price might consolidate before another leg down. Risk management is key in these volatile conditions.