EURUSD broke through a step bullish trend line last week after forming a double top (see 4 hour chart below), but its struggling to become bearish. Other currency pairs are behaving similarly. Apparently there is yet more news from .... Europe .... due out this week, which could explain the lack-luster behaviour. Still, EURUSD is making lower lows.
EURUSD Daily Chart
EURUSD 4 hour chart
Lately I've been looking at the tick volumes. I haven't yet decided if they provide any useful information or not. The volumes on the 4 hour charts show a slow down at the end of the US session, but the daily chart includes volumes over the entire trading day, so may be more useful. The daily chart above shows volumes slowing. The last few candles have long wicks - suggesting a lot of uncertainty. Considering we have both bearish and bullish candles, and that they all have wicks, it's suggesting a lot of uncertainty. Looking at other currency pairs (not shown) reveals a similar story.
Not much we can do except hold tight and see if the orange trend line on the 4 hour chart is respected. In the meantime, we could risk a small short order below 1.2870.
