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FXSalt New York Sesion Watch

FX:EURUSD   Euro / U.S. Dollar
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There's an inside bar candlestick pattern formed on EUR/USD which could potentially lead the price lower in today's New York session. The Stochastic is near overbought territory but ideally we would like to see it to be in an overbought condition. The Commodity Channel Index ( CCI ) and Relative Strength Index ( RSI ) are in a neutral position, while the Parabolic SAR indicator isn't supporting the price to move lower, which might decrease the probability of this setup. MACD is still below the zero line and the long term trend is still down as the short term moving averages (10 and 20 period) continue to stay below the long term moving averages (50,100 and 200 period). The volatility is slowing down though as we could see through the Average True Range (ATR) indicator. A break through low of the inside bar candlestick pattern will trigger selling opportunities in today's New York session and the lower band of the Bollinger Band could serve as a target for sellers to take profits.
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