Daily Chart of the EUR/USD Pair Futures Moves Past Down Trend Channel
The market has moved sideways enough to move past a new down trend channel I plotted (blue) following the second test of the support zone. Buyers appear to be coming in. Yesterday’s RSI readings following the up close did signal a trading range with a negative bias. However, the break of the new down trend channel indicates to me the market is setting up to move higher. Today’s FOMC statement could be the catalyst.
The Constant Volume Bar chart is set to 250 contracts with the CQG ChartTrader shows the RSI readings are indicating upside momentum. We see peak RSI readings above 62, and the recent low reading holding just at 38, which is bullish momentum behavior.
The current morning snapshot of the TradeFlow Chart for the EURUSD has the both studies set to a five-bar running sum with the CQG ChartTrader. Traders at this moment are paying up as the buy volume line (green) is dominating the sell volume line (red) of the TFVCrss study.