The Euro might remain sensitive to the market sentiments in Saturdays’ low rate setting, particularly with the ECB having recently indicated more easing and keeping the interest rates near zero. With the central bank having little to no room to reduce the lending rates, especially in developed nations, the EUR/NZD, EUR/AUD, EUR/JPY, and EUR/USD will most likely remain glued to where the worldwide stock markets go next.
Next week data, such as the German ZEW sentiment and the 3rd quarter Euro area GDP might do very little to drive short-term ECB policy hopes. It will be highly interesting to see how the EU will approach the 10th November date for the imposition of the WTO approved $4 billion retaliatory tariffs against the US over the domestic package to Boeing. This is a component of the 16-year-old deal that Trump has suggested that he would strike back in case it’s imposed.
In case the European Union impose tariffs that might disrupt the sentiment; sinking EUR/NZD, EUR/AUD, EUR/JPY, and EUR/USD rise. However, with Biden on the right path to assume the white house, a strategy to shift the country’s foreign policy might be on the cards.
Euro/US Dollar Exchange Rate
Today’s Forex Rates
EUR/USD FX Polls
Overall, the bias in prices is: Upwards.
By the way, prices are vulnerable to a correction towards 1.16.
The projected upper bound is: 1.20.
The projected lower bound is: 1.17.
The projected closing price is: 1.19.
A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 4 white candles and 6 black candles for a net of 2 black candles. During the past 50 bars, there have been 23 white candles and 27 black candles for a net of 4 black candles.
Three white candles occurred in the last three days. Although these candles were not big enough to create three white soldiers, the steady upward pattern is bullish.
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.
One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20). The Stochastic Oscillator is 85.6540. This is an overbought reading. However, a signal is not generated until the Oscillator crosses below 80 The last signal was a buy 2 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 60.00. 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 57 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 84. This is not a topping or bottoming area. The last signal was a buy 3 period(s) ago.
The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line. The last signal was a buy 0 period(s) ago.
Rex Takasugi – TD Profile
FOREX EUR= closed up 0.005 at 1.187. Volume was 30% above average (neutral) and Bollinger Bands were 12% narrower than normal.
Open High Low Close Volume 1.183 1.189 1.179 1.187 133,317
Technical Outlook Short Term: Neutral Intermediate Term: Bullish Long Term: Bullish
Moving Averages: 10-period 50-period 200-period Close: 1.17 1.18 1.13 Volatility: 9 7 10 Volume: 112,603 103,815 107,776
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.
FOREX EUR= is currently 4.8% above its 200-period moving average and is in an upward 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 bullish on EUR= and have had this outlook for the last 0 periods.