Buyers Bid Up the EURO FX Futures
Yesterday, the Euro FX futures (EUR/USD pair tested the demand line of the up trend channel and closed slightly below it. However, sellers could not gain control and buyers have come in and bid the price back up to the upper level of the resistance zone.
I continue to expect higher prices because the recent extreme daily RSI readings are above 62.
The Constant Volume Bar chart is set to 1,000 contracts. On the chart is the CQG SnapTrader . The market is testing the resistance zone from the April 5 session. As this image was captured, the extreme RSI readings were closing above 62, and now, the RSI looks like it will form a peak below 62. That signals a trading range with a bullish bias.
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 starting to trade lower. The sell volume line (red) is starting to climb over the buy volume line (green) of the TFVCrss study as traders are starting to hit bids.
The TradeFlow view of the market can change very quickly.