The EURO FX Futures Moving Sideways
Today, the Euro FX Futures made another new high, but sellers have come in. The market is correcting the recent rally by moving sideways over the last three days. The tightness of the range indicates a strong market. I continue to expect higher prices because the recent extreme daily RSI readings are above 62. A trading range will be signaled once the RSI forms a pivot high on the RSI below 62.
The Aggregated TradeFlow chart is set to 5-ticks range (available in CQG 7.5) with my two custom studies plotted (both studies are set to five-bar look back periods). I plotted a resistance zone formed at today’s high. Notice the low volume retest (thin dark TradeFlow bars) and when buyers did not come in the market headed lower. Currently, the market is testing a support zone.
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. I have the CQG Order Ticker below the chart.
Currently, the market is moving sideways. The buy volume line (green) is running flat with the sell volume line (red) of the TFVCrss study, which is a sign of a two-way market.
The TradeFlow view of the market can change very quickly.