The euro climbed to its highest against the dollar since April 2018 after private U.S. payrolls data disappointed expectations , in a warning that the expanding pandemic could halt the job market recovery as COVID-19 relief evaporates at year-end.
With lawmakers trying to patch up fiscal relief , Senate Republican leader Mitch McConnell said the best chance for a deal this year would be part of the government funding bill, which has a Dec. 11 deadline.
EUR/USD’s rally pierced the 76.4% Fibo of the 2018-2020 slide from 1.2556 to 1.0636 at 1.2103, but follow-through was minimal. A close above that Fibo would open the way to retesting 2018’s peak , with options by big figures seen as speed bumps on the way.
This month’s breakout above the down trend-line from 2011 and monthly cloud top support the move.
Euro/US Dollar Exchange Rate
Today’s Forex Rates
EUR/USD FX Polls
Overall, the bias in prices is: Upwards.
By the way, prices are vulnerable to a correction towards 1.18.
The projected upper bound is: 1.23.
The projected lower bound is: 1.20.
The projected closing price is: 1.21.
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 27 white candles and 23 black candles for a net of 4 white candles.
A long lower shadow occurred. This is typically a bullish signal (particularly when it occurs near a low price level, at a support level, or when the security is oversold).
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 97.6710. This is an overbought reading. However, a signal is not generated until the Oscillator crosses below 80 The last signal was a sell 3 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 73.18. This is where it usually tops. The RSI usually forms tops and bottoms before the underlying security. A buy or sell signal is generated when the RSI moves out of an overbought/oversold area. The last signal was a sell 76 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 19 period(s) ago.
Rex Takasugi – TD Profile
FOREX EUR= closed down -0.000 at 1.211. Volume was 90% below average (consolidating) and Bollinger Bands were 29% wider than normal.
Open High Low Close Volume 1.211 1.212 1.210 1.211 10,108
Technical Outlook Short Term: Overbought Intermediate Term: Bullish Long Term: Bullish
Moving Averages: 10-period 50-period 200-period Close: 1.20 1.18 1.14 Volatility: 8 7 10 Volume: 83,263 103,522 110,315
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 6.0% 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 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 19 periods. Our momentum oscillator is currently indicating that EUR= is currently in an overbought condition.