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Euro: EUR/USD (EUR=X) Possible Trading Setups, Technical Analysis by Metastock

$EUR #Currencies #Trading #Markets #Metastock #FXAffiliate

Euro
Ticker: EUR=
Price: $1.1971

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Euro News

The euro has rallied significantly over the last several weeks heading into December, showing that the decline of the dollar is still very much on the minds of traders. The market is likely to see a lot of momentum either built up or broken down by Brexit as well. Not only does the Brexit situation have a massive influence on what happens to the British pound, but it also will have a significant amount of influence on the euro, as it will help facilitate cross-border transactions between Europe and one of its most important trading partners.

The coronavirus situation is another factor that will be moving this pair over the course of December. The coronavirus figures in the European Union have begun to slow down, while the numbers in the United States continue to accelerate. This could provide a little bit of a boost for the euro, as currency traders have been paying close attention to the coronavirus in general. This will continue to be a factor until the vaccine gets distributed, which will be well into 2021.

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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 1.17.

The projected upper bound is: 1.21.

The projected lower bound is: 1.18.

The projected closing price is: 1.20.

Candlesticks

A white body occurred (because prices closed higher 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 27 white candles and 23 black candles for a net of 4 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 93.0182. This is an overbought reading. However, a signal is not generated until the Oscillator crosses below 80 The last signal was a sell 14 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 66.98. 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 73 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 174.This is an overbought reading. However, a signal isn’t generated until the indicator crosses below 100. The last signal was a buy 19 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 16 period(s) ago.

Rex Takasugi – TD Profile

FOREX EUR= closed up 0.001 at 1.197. Volume was 94% below average (consolidating) and Bollinger Bands were 16% narrower than normal.

Open    High    Low    Close     Volume
1.196   1.197   1.195  1.197     6,593
Technical Outlook
Short Term:        Overbought
Intermediate Term: Bullish
Long Term:         Bullish
Moving Averages: 10-period     50-period     200-period
Close:           1.19          1.18          1.14
Volatility:      4             7             10
Volume:          87,956        105,925       110,342

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 4.9% above its 200-period moving average and is in an upward trend. Volatility is extremely low when compared to the average volatility over the last 10 periods. There is a good possibility that there will be an increase in volatility along with sharp price fluctuations in the near future.

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 16 periods.

HEFFXhttp://www.heffx.com
HEFFX has become one of Asia’s leading financial services companies with interests in Publishing, Private Equity, Capital Markets, Mining, Retail, Transport and Agriculture that span every continent of the world. Our clearing partners have unprecedented experience in Equities, Options, Forex and Commodities brokering, banking, physical metals dealing, floor brokering and trading.

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