This evening the Euro dollar is exploring last Tuesday’s large distribution. The price range was left in the dust as accumulation pushed price higher. By the end of the week the buying pressure receded and gave way to sellers. Since Thursday afternoon we have seen sellers controlling this tape. They were able to push price near the initial breakout and then put in a lower high.
Now this evening the selling pressure has ratcheted up and the breakout has been negated. If buyer don’t show up soon they may lose much of their hard fought gains.
1.2475 would be a healthy level for bulls to defend, however this evening the bears have smashed into that level with a head of steam. 1.2460 would be the next target (08/21 value are low) and ultimately the interesting confluence of price and volume at 1.2425.
It looks like selling pressure if you look at the delta starting after lunch on Friday:
