EUR/USD Consolidating Short Term Oversold

EUR/USD Consolidating Short Term Oversold

EUR/USD Consolidating Short Term Oversold

Overall, the bias in prices is: Downwards.

Short term: Prices are moving.

Intermediate term: Prices are ranging.

Note: this chart shows extraordinary price action to the downside.

By the way, prices are vulnerable to a correction towards 1.10.

The projected upper bound is: 1.08.

The projected lower bound is: 1.06.

The projected closing price is: 1.07.

eur

 

Candlesticks
During the past 10 bars, there have been 2 white candles and 7 black candles for a net of 5 black candles. During the past 50 bars, there have been 22 white candles and 26 black candles for a net of 4 black candles.

Relative Strength Index

The current value for the 14 period RSI is 27.7847.

The RSI, written by J. Welles Wilder in 1978, can be used in several different ways to analyze a chart.

Tops and Bottoms

The RSI is below 30. This is where it usually bottoms. The RSI usually forms tops and bottoms before the underlying security. A buy or sell signal is generated when the RSI moves out of an overbought/oversold area. The last signal was a Buy 15 period(s) Ago.

Chart Formations

The RSI often forms chart patterns (such as head and shoulders or rising wedges) that may or may not be visible on the price chart. Since the analysis of chart patterns is subjective, the Expert Advisor cannot find them. You will have to visually inspect the RSI indicator to look for such patterns.

Failure Swings (also known as support or resistance penetrations or breakouts)
The RSI does not currently show any Failure Swings.

Support and Resistance

The RSI shows, sometimes more clearly than the price chart, levels of support and resistance. As with chart formations, this is subjective, so you must visually inspect the chart to determine this.

Divergence

The RSI and price are not diverging.

Rex Takasugi – TD Profile

FOREX EUR= closed up 0.000 at 1.072. Volume was 92% below average (consolidating) and Bollinger Bands were 66% wider than normal.

Open High Low Close Volume___
1.072 1.073 1.071 1.072 7,561

Technical Outlook
Short Term: Oversold
Intermediate Term: Bearish
Long Term: Bearish

Moving Averages: 10-period 50-period 200-period
Close: 1.09 1.11 1.12
Volatility: 9 8 9
Volume: 126,577 107,278 83,234

Short-term traders should pay closer attention to buy/sell arrows while intermediate/long-term traders should place greater emphasis on the Bullish or Bearish trend reflected in the lower ribbon.

Summary
FOREX EUR= is currently 4.0% below its 200-period moving average and is in an downward trend. Volatility is high as compared to the average volatility over the last 10 periods. Our volume indicators reflect volume flowing into and out of EUR= at a relatively equal pace (neutral). Our trend forecasting oscillators are currently bearish on EUR= and have had this outlook for the last 4 periods. Our momentum oscillator is currently indicating that EUR= is currently in an oversold condition.

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