Price moved into a range effectively stopping the downward movement. Volume rises progressively during the selling with high volume spikes near the demand edge of the range.
note: Draghi held his speech during the trading range.
We are 5 candles after the last red candle with high volume indicated with an arrow.
On these last candles demand is hardly present. We see declining spread, price barely making new highs and closing just above the middle. Volume is declining to almost nothing. This looks like a good place to set a stop order.
price fell out the trading range towards the daily demand.
"The tape reader is not the captain - he is but the engineer who controls the machinery. The tape is the pilot and the engineer must obey orders with promptness and precision." - Richard D. Wyckoff