The EURO FX Futures Uncovering Some Buying
Today, the Euro FX futures (EUR/USD pair) initially slipped lower following yesterday’s down close. But, buyers have come in as the price tagged the demand line of the up trend channel, as well as the low is in the support zone. The market is in the middle of the new uptrend channel.
The trend is now sideways with a bullish bias because the recent extreme daily RSI readings have peaked 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 below 62 and above 38, which signal a trading range with a downward bias. If the RSI closes back above 62, the trend is now up.
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 trading higher. Traders were lifting offers as indicated by the buy volume line (green) peaking above the sell volume line (red) peaking of the TFVCrss study.
The TradeFlow view of the market can change very quickly.