Euro (€) ⇨ US Dollar ($) (EURUSD) Brexit Adopting Currencies
The European Commission aims to make adopting the euro more attractive to European Union members currently outside the currency bloc.
European Union states except Britain and Denmark are obliged to adopt the euro but there is no deadline set for ditching their own currencies.
Moscovici underlined that states should move gradually toward adopting the euro as their currency but he said the Commission has no power and no will to force countries to adopt the euro by a certain date.
Public opinion in EU states outside the euro zone is often against joining the common currency area.
In Poland, 57 percent of interviewees were against the euro, according to a Eurobarometer poll published last December. Opposition was also strong in Britain, the Czech Republic, Sweden, Denmark and Bulgaria, while Hungarians, Croatians and Romanians were mostly favorable to the currency bloc.
Moscovici noted that Brexit meant the euro zone will dominate the EU economy providing a further incentive for countries to adopt the common currency.
Overall, the bias in prices is: Upwards.
Short term: Prices are moving.
Intermediate term: Prices are trending.
Note: this chart shows extraordinary price action to the upside.
By the way, prices are vulnerable to a correction towards 1.09.
The projected upper bound is: 1.14.
The projected lower bound is: 1.11.
The projected closing price is: 1.12.
A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 7 white candles and 3 black candles for a net of 4 white candles. During the past 50 bars, there have been 25 white candles and 25 black candles.
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 75.1469. This is not an overbought or oversold reading. The last signal was a sell 0 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 68.54. 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 1 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 90. This is not a topping or bottoming area. The last signal was a sell 0 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 6 period(s) ago.
Rex Takasugi – TD Profile
FOREX EUR= closed up 0.003 at 1.121. Volume was 1% above average (neutral) and Bollinger Bands were 56% wider than normal.
Open High Low Close Volume
1.118 1.122 1.117 1.121 114,357
Short Term: Overbought
Intermediate Term: Bullish
Long Term: Bullish
Moving Averages: 10-period 50-period 200-period
Close: 1.11 1.08 1.08
Volatility: 10 9 9
Volume: 112,708 105,824 113,153
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 3.6% 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 22 periods.
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