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Home FX Euro Euro: EUR/USD (EUR=X) Charts and Technicals by HEFFX
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Euro: EUR/USD (EUR=X) Charts and Technicals by HEFFX

By
S. Jack Heffernan Ph.D
-
October 23, 2020
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    $EUR #Euro #USD #FX #Currencies #Trading #Markets #ECB

    Euro
    Ticker: EUR=
    Price: $1.1802

    Euro Outlook

    EUR/USD gained strong upside momentum and is trying to get to the test of the resistance at 1.1870 as the U.S. dollar is losing ground against a broad basket of currencies.

    The U.S. Dollar Index is currently testing the nearest support level at 92.80 amid optimism about the U.S. stimulus deal. In case the U.S. Dollar Index manages to settle below the support at 92.80, it will gain additional downside momentum and decline towards 92.50 which will be bullish for EUR/USD.

    There are no important economic reports scheduled to be released today in the U.S. and EU so traders will focus on U.S. stimulus negotiations and developments on the Brexit front, although the first days of this week brought no news about negotiations between EU and UK.

    U.S. Treasury Secretary Steven Mnuchin and House Speaker Nancy Pelosi have moved closer to a compromise, providing support to riskier assets and putting pressure on the American currency.

    Currently, the market believes that Mnuchin and Pelosi will be able to negotiate a deal by the end of this week. If negotiations stall, the U.S. dollar will get a boost which will be bearish for EUR/USD.

    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 1.16.

    The projected upper bound is: 1.19.

    The projected lower bound is: 1.17.

    The projected closing price is: 1.18.

    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 24 white candles and 26 black candles for a net of 2 black 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 71.6579. 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 53.32. 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 47 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 53. 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 3 period(s) ago.

    Rex Takasugi – TD Profile

    FOREX EUR= closed down -0.001 at 1.180. Volume was 61% below average (consolidating) and Bollinger Bands were 39% narrower than normal.

    Open    High    Low    Close    Volume
    1.182   1.182   1.179  1.180    40,285
    Technical Outlook
    Short Term:        Neutral
    Intermediate Term: Bullish
    Long Term:         Bullish
    Moving Averages: 10-period    50-period    200-period
    Close:           1.18         1.18         1.13
    Volatility:      6            7            9
    Volume:          89,364       100,141      104,928

    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 4.5% 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 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 2 periods.

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      Previous articleJapanese Yen: USD/JPY (JPY=X) Ends the Week on a Low Note
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      S. Jack Heffernan Ph.D
      https://www.knightsbridge.law
      S. Jack Heffernan Ph.D. Economist at Knightsbridge 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 Crypto, Mining, Shipping, Technology and Financial Services.

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