EURUSD has closed above 40 RSI with a large bull outside candle
• 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.
• 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.
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