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Euro: EUR/USD (EUR=X) Could Be Getting Ready For An Explosive Move

$EUR #Euro #USD #Currencies #Trading #Markets #Charts #Trade

Euro
Ticker: EUR=
Price: $1.1788

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Euro Outlook

Despite attempts for a bearish correction amid profit-taking sales, the price of the EUR/USD is still in a bullish correction range, and will remain so as long as it is stable above the 1.1800 resistance. As expected, euro gains will continue to face the continued coronavirus infections in Europe, and consequently the imposition of more restrictions that threaten the future recovery of the Eurozone.

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Therefore, the pair’s gains will remain the focus of forex traders to consider selling, especially a test of the 1.2000 psychological resistance, which received negative comments from European Central Bank officials regarding the value of the euro.

On the downside, according to the pair’s performance on the daily chart, if the pair moves towards the 1.1690 support, bears will control the performance again.

Euro/US Dollar Exchange Rate

Today’s Forex Rates

EUR/USD FX Polls

Economic Events

Technical Indicators

Overall, the bias in prices is: Upwards.

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 23 white candles and 27 black candles for a net of 4 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 59.7156. This is not an overbought or oversold reading. The last signal was a sell 1 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 51.92. 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 60 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 38. This is not a topping or bottoming area. The last signal was a buy 6 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 -0.002 at 1.179. Volume was 44% below average (neutral) and Bollinger Bands were 12% narrower than normal.

Open     High     Low     Close     Volume
1.181    1.183    1.178   1.179     58,043
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:      8             7              10
Volume:          121,734       105,432        108,612

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 3.9% 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 3 periods.

HEFFXhttp://www.heffx.com
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