Hartle & Flow

Today, the price action of the Euro FX futures (EUR/USD pair) has broken the demand line of the uptrend channel, and while the price is in the support zone, sellers are in control.

The trend is sideways with a bullish bias because the recent extreme daily RSI readings have peaked right at 62.

The Constant Volume Bar chart is set to 1,000 contracts with the CQG SnapTrader . As this image was captured, the recent extreme RSI readings were below 38, which is a sign downward momentum. However, the RSI readings are now tracing highs barely over 50, and below 62, which signal a trading range with a downward bias. If the RSI closes back above 62, the trend will be considered up.

This morning’s snapshot view of the TFlow Chart for the EUR/USD has both studies set to a five-bar running sum. In addition, the CQG ChartTrader is attached. Currently, the market is trading down. Traders are hitting bids as indicated by the sell volume line (red) dominating the buy volume line (green) of the TFVCrss study.

The TFlow view of the market can change very quickly.

This entry was posted Friday, March 30th, 2007 at 8:13 am and is filed under TFlow, EUR/USD Futures. You can leave a response, or trackback from your own site.