The EURO FX Futures Holding Steady
Buyers came in yesterday after the false break of support. Today, the Euro FX futures (EUR/USD pair) are holding above the support zone. I have plotted a new uptrend channel.
The trend is still up because the recent extreme daily RSI readings have peaked above 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 are below 38, which is bearish momentum. I expect the support zone to give way, unless the RSI forms a pivot low above 38.
If the RSI readings start to peak above 62, then the market is moving into an uptrend.
This morning’s snapshot view of the TradeFlow 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 working its way lower. The sell volume line (red) is dominating the buy volume line (green) of the TFVCrss study.
The TradeFlow view of the market can change very quickly.