As mentioned last Friday when we looked at what sort of week to expect in EUR/USD one of the charts triggered was based on Friday being the largest range day of the week, with this type of week following:
So far this model, a choppy Monday and Tuesday (and possibly Wednesday) is holding up more so than the steadily rising week of the other two models. Here’s the model with the current price overlay:
On the positive side for an up trend, Tuesday has made a new high over Monday, and lows have been flat. A market close near Tuesday lows would be an oversold indicator in terms of Williams’ %R, both in 1, 2, 4, weekly, and 10 day timelines–in other words–a decent time to enter a trade on the buy side in an up trend market with a few rallies forecast in the days ahead.