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Euro
Ticker: EUR=
Price: $1.2254
Euro News
The Euro broke higher during the trading session again on Thursday, reaching towards the 1.2250 level. This is an area that of course is significant from a “midcentury standpoint”, and therefore could cause a little bit of resistance but ultimately, we will more than likely go looking towards the larger resistance barrier. The resistance barrier being the 1.23 level, based upon previous structure and the fact that we had formed a bullish flag that measures for that move. At this point, I believe that the 1.20 level continues to be supportive, based upon the fact that it was previous resistance and of course a figure that is whole.
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The 50 day EMA has sliced through the 1.19 level, which was the bottom of that overall resistance barrier, so I think that it offers a 100 PIP floor in the market right now that people should be paying attention to. But I doubt that we get anywhere near there unless of course something drastic happens in the markets. With that being the case, I find it very difficult to be overly bearish of this pair in the short term. Longer-term, that might be a different story but right now it looks as if we are going to try everything, we can get to the 1.23 level.
After that, things get a little bit more difficult to continue gaining, but a Brexit deal could push this pair higher, because although the British pound will be the big gainer in that situation, it obviously has an effect on the European Union outlook as well.
Euro/US Dollar Exchange Rate
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Technical Indicators
Overall, the bias in prices is: Upwards.
By the way, prices are vulnerable to a correction towards 1.19.
The projected upper bound is: 1.24.
The projected lower bound is: 1.21.
The projected closing price is: 1.23.
Candlesticks
A black body occurred (because prices closed lower than they opened).
During the past 10 bars, there have been 5 white candles and 5 black candles. During the past 50 bars, there have been 27 white candles and 23 black candles for a net of 4 white candles.
Momentum Indicators
Momentum is a general term used to describe the speed at which prices move over a given time period. Generally, changes in momentum tend to lead to changes in prices. This expert shows the current values of four popular momentum indicators.
Stochastic Oscillator
One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20). The Stochastic Oscillator is 91.4346. This is an overbought reading. However, a signal is not generated until the Oscillator crosses below 80 The last signal was a sell 9 period(s) ago.
Relative Strength Index (RSI)
The RSI shows overbought (above 70) and oversold (below 30) areas. The current value of the RSI is 74.23. This is where it usually tops. 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 sell 8 period(s) ago.
MACD
The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line. The last signal was a buy 30 period(s) ago.
Rex Takasugi – TD Profile
FOREX EUR= closed down -0.001 at 1.225. Volume was 94% below average (consolidating) and Bollinger Bands were 75% wider than normal.
Open High Low Close Volume 1.227 1.227 1.225 1.225 6,822
Technical Outlook Short Term: Overbought Intermediate Term: Bullish Long Term: Bullish
Moving Averages: 10-period 50-period 200-period Close: 1.22 1.19 1.15 Volatility: 5 7 9 Volume: 107,820 107,404 110,263
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 6.8% above its 200-period moving average and is in an upward trend. Volatility is relatively normal as compared to the average volatility over the last 10 periods. Our volume indicators reflect moderate flows of volume into EUR= (mildly bullish).
Our trend forecasting oscillators are currently bullish on EUR= and have had this outlook for the last 30 periods. Our momentum oscillator is currently indicating that EUR= is currently in an overbought condition.