EUR-USD continued to fall today on low volume. The stochastics on the daily chart is on extreem over-sold condition. Looking at the range of candles we see that the range has been shrinking as the market has pushed its way lower.
Day Date Range
Thurs 12-17 232 pips
Fri 12-18 150 pips
Mon 12-21 105 pips
Tues 12-22 76 pips (so far)
With the range shinking, volume low, stochastics in extreem over-sold area, we should be looking at a potential short term reversal to the upside coming our way in the next day or two. If holding a short position, it would be wise to take heed at this time by tightening up your trailing stop.
How today's candle closes will give further clue to justify our bias.
Day Date Range
Thurs 12-17 232 pips
Fri 12-18 150 pips
Mon 12-21 105 pips
Tues 12-22 76 pips (so far)
With the range shinking, volume low, stochastics in extreem over-sold area, we should be looking at a potential short term reversal to the upside coming our way in the next day or two. If holding a short position, it would be wise to take heed at this time by tightening up your trailing stop.
How today's candle closes will give further clue to justify our bias.
Attached Image