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Euro: EUR/USD (EUR=X) Analysis and Setups from Metastock

$EUR #Currencies #KnightsbridgeLive #Market #Metastock #FXAffiliate

Euro
Ticker: EUR=
Price: $1.2218

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Euro News

EUR/USD could see profit-taking and consolidation can be expected, but the downside is likely to be limited without a sell signal. First support at 1.2220/10 could hold the downside again but a break lower meets support at 1.2180/70. Longs need stops below 1.2155. Next downside target & an excellent buying opportunity at 1.2125/15 with stops below 1.2100.

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Minor resistance at 1.2265/75. If we continue higher look for 1.2290/1.2300. USDCAD holding above first support at 1.2750/40 retests minor resistance at 1.2785/95 (and in fact we topped exactly here on Friday) but above here targets 1.2840/50. Watch for a high for the day. A break higher however targets 1.2900/10 then strong resistance at 1.2940/60.

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First support at 1.2750/40 but below 1.2730 risks a retest of last week’s low at 1.2695/85. A break lower always likely eventually in the bear trend targeting 1.2670/60 and 1.2630/20.

Euro/US Dollar Exchange Rate

Today’s Forex Rates

EUR/USD FX Polls

Economic Events

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: 1.22.

Candlesticks

A black body occurred (because prices closed lower 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 28 white candles and 22 black candles for a net of 6 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 77.9218. 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 68.55. This is not a topping or bottoming area. However, the RSI just crossed below 70 from a topping formation. This is a bearish sign. A buy or sell signal is generated when the RSI moves out of an overbought/oversold 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 32 period(s) ago.

Rex Takasugi – TD Profile

FOREX EUR= closed down -0.002 at 1.222. Volume was 63% below average (consolidating) and Bollinger Bands were 54% wider than normal.

Open    High     Low     Close     Volume
1.224   1.225    1.222   1.222     39,259
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:          109,495       109,305       110,375

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 6.4% 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 32 periods.

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