According to the previous analysis from last week, in which I pointed out the zone of the largest turnover on the EUR/USD currency pair at the D1 interval, this zone still maintains quotes and so far it stops the weakening of the euro.
In the D1 graph below, we marked in green UHVA zone (ultra high volume area), which gives hope for further increases with the first range at 1.1950, where is a significant interchangeability and supply zone. The chart also includes projections of large financial institutions for the EUR/USD exchange rate for the Q3 this year. In the event that the price breaks through the last low around 1.15, the next strong support may be 1.1450, where is the swap zone with the W1 interval and abolition of 50% Fibo.
At the H4 interval, we remain under the pressure of the volume zone marked in red. At the moment, the price stopped before HWB (half way back), i.e. before the abolition of 50% Fibo and before the lower limit of the zone. Looking from the other side, we have a new local high on the chart. Surroundings of the green zone, ie 38.2-65% Fibo zone, daily and weekly pivot and accumulated volume on the market profile, and all this in a large volume zone with D1 gives confluence and in it I would expect a growth momentum if we think about further strengthening of the European currency.
