• The RSI shown on the EURUSD chart has closed above 40, and there was a large bull outside candle formation to complement the move up. Additionally, this is the first retracement within the trend. • Since the heaviest volumes are above the current price, I anticipate there will be a retracement into the untested demand zone and then trend continuation. • Based on the Renko bar chart (shown as a candlestick chart above), the price has yet to infiltrate the demand area on the chart.
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.