Euro Now Under Resistance

Posted by Bruce Levy on

The euro sold off on Thursday with a very strong down bar closing on its lows. Currently the Euro is now under the Price Action based Resistance level based on the FTR Support/Resistance Zones Indicator

The play on this is to look for a sweep of stops to the upside, or other indications of failure to reach new highs. 

Support of this with negative delta found in the FTR Volume Delta Indicator on a 60 or 120M chart would indicate sellers are in control. Additional, low volume during the up move to retest highs would also indicate a failed long breakout and give us the timing alert we need to keep risk small.

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