Euro (€) ⇨ US Dollar ($) (EURUSD) Macron Can Not Save The Euro

Euro (€) ⇨ US Dollar ($) (EURUSD) Macron Can Not Save The Euro

Euro (€) ⇨ US Dollar ($) (EURUSD) Macron Can Not Save The Euro

Highlights

*euro jumped on news of macrons election, but faded quickly.

*Macron is a failed finance minister, a socialist, and the EUs puppet.

*There is nothing Macron can or will do to save to euro.

*Macron won by default as Le Pen ran a vile campaign based on religious hatred.

*Our Euro target remains at 87 cents.

Overall, the bias in prices is: Upwards.

Short term: Prices are stalling.

Intermediate term: Prices are ranging.

By the way, prices are vulnerable to a correction towards 1.08.

The projected upper bound is: 1.11.

The projected lower bound is: 1.08.

The projected closing price is: 1.10.

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 22 white candles and 28 black candles for a net of 6 black candles.

An engulfing bearish line occurred (where a black candle’s real body completely contains the previous white candle’s real body). The engulfing bearish pattern is bearish during an uptrend (which appears to be the case with FOREX EUR=). It then signifies that the momentum may be shifting from the bulls to the bears.

If the engulfing bearish pattern occurs during a downtrend, it may be a last engulfing bottom which indicates a bullish reversal. The test to see if this is the case is if the next candle closes above the bottom the current (black) 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 78.6763. This is not an overbought or oversold reading. The last signal was a sell 6 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 62.49. 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 8 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 94. This is not a topping or bottoming area. The last signal was a sell 0 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 14 period(s) ago.

Rex Takasugi – TD Profile

FOREX EUR= closed down -0.005 at 1.094. Volume was 66% below average (consolidating) and Bollinger Bands were 67% wider than normal.

Open    High    Low     Close   Volume
1.100    1.102   1.094   1.094   38,724

Technical Outlook
Short Term:                Overbought
Intermediate Term:  Bullish
Long Term:                Bullish

Moving Averages:  10-period   50-period   200-period
Close:                        1.09            1.07              1.08
Volatility:                 8                 9                   9
Volume:                   94,824      105,944       110,344

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 1.0% 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 10 periods.

The following two tabs change content below.
Shayne Heffernan Funds Manager at HEFFX holds a Ph.D. in Economics and brings with him over 25 years of trading experience in Asia and hands on experience in Venture Capital, he has been involved in several start ups that have seen market capitalization over $500m and 1 that reach a peak market cap of $15b. He has managed and overseen start ups in Mining, Shipping, Technology and Financial Services.

You must be logged in to post comments :  
CONNECT WITH