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Euro
Ticker: EUR=
Price: $1.1924
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Euro News
Dovish messaging from the European Central Bank’s chief economist and the minutes from last month’s meeting provided further confirmation of widely expected stimulus at its December gathering.
The central bank’s minutes from its October meeting showed policymakers agreed they could not afford to seem complacent during the second wave of the coronavirus, opting instead to lay the groundwork for more stimulus.
The ECB’s chief economist Philip Lane had also warned that tolerating “a longer phase of even lower inflation” would hurt consumption and investment as well as cementing expectations for low price growth in the future.
The euro was little changed against the greenback at $1.1905 , away from a more than two months-high of $1.1941 it marked on Thursday.
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Technical Indicators
Overall, the bias in prices is: Upwards.
By the way, prices are vulnerable to a correction towards 1.17.
The projected upper bound is: 1.21.
The projected lower bound is: 1.18.
The projected closing price is: 1.19.
Candlesticks
A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 6 white candles and 4 black candles for a net of 2 white candles. During the past 50 bars, there have been 26 white candles and 24 black candles for a net of 2 white candles.
An engulfing bullish line occurred (where a white candle’s real body completely contains the previous black candle’s real body). The engulfing bullish pattern is bullish during a downtrend. It then signifies that the momentum may be shifting from the bears to the bulls.
If the engulfing bullish pattern occurs during an uptrend (which appears to be the case with FOREX EUR=), it may be a last engulfing top which indicates a top. The test to see if this is the case is if the next candle closes below the top of the current (white) candle’s real body.
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 85.4370. This is an overbought reading. However, a signal is not generated until the Oscillator crosses below 80 The last signal was a sell 13 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 62.80. This is not a topping or bottoming area. A buy or sell signal is generated when the RSI moves out of an overbought/oversold area. The last signal was a sell 72 period(s) ago.
Commodity Channel Index (CCI)
The CCI shows overbought (above 100) and oversold (below -100) areas. The current value of the CCI is 133.This is an overbought reading. However, a signal isn’t generated until the indicator crosses below 100. The last signal was a buy 18 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 15 period(s) ago.
Rex Takasugi – TD Profile
FOREX EUR= closed up 0.001 at 1.192. Volume was 86% below average (consolidating) and Bollinger Bands were 10% narrower than normal.
Open High Low Close Volume 1.191 1.192 1.191 1.192 14,308
Technical Outlook Short Term: Overbought Intermediate Term: Bullish Long Term: Bullish
Moving Averages: 10-period 50-period 200-period Close: 1.19 1.18 1.14 Volatility: 3 7 10 Volume: 89,929 107,411 110,421
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 4.6% above its 200-period moving average and is in an upward trend. Volatility is extremely low when compared to the average volatility over the last 10 periods. There is a good possibility that there will be an increase in volatility along with sharp price fluctuations in the near future.
Our volume indicators reflect volume flowing into and out of EUR= at a relatively equal pace (neutral). Our trend forecasting oscillators are currently bullish on EUR= and have had this outlook for the last 15 periods.