The Euro to Dollar rally could be over and an Autumn capitulation that takes it back below 1.15 can’t be ruled out the entire time that Brexit trade talks are headed for the rocks and the European Central Bank (ECB) remains concerned about strength in Euro exchange rates.
Europe’s single currency has enjoyed a near-12% rally from May lows around 1.08 and investors remained upbeat on Tuesday about the outlook for it, with prices of foreign exchange forward rate agreements implying a Euro-to-Dollar rate hold around 1.19 for the next three and six months.
But those gains have helped lift the trade-weighted Euro index (TWI) to multi-year highs and drew protest last week from ECB chief economist Philip Lane, who said ahead of this Thursday’s policy decision that EUR/USD “matters” because at current levels it will weigh on economic growth and inflation.
Euro/US Dollar Exchange Rate
Today’s Forex Rates
Euro/US Dollar FX Polls
Overall, the bias in prices is: Upwards.
The projected upper bound is: 1.19.
The projected lower bound is: 1.16.
The projected closing price is: 1.18.
During the past 10 bars, there have been 2 white candles and 7 black candles for a net of 5 black candles. During the past 50 bars, there have been 30 white candles and 19 black candles for a net of 11 white candles.
A doji star occurred (where a doji gaps above or below the previous candle). This often signals a reversal with confirmation occurring on the next bar.
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 14.4269. This is an oversold reading. However, a signal is not generated until the Oscillator crosses above 20 The last signal was a sell 15 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 48.20. 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 15 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 -122.This is an oversold reading. However, a signal isn’t generated until the indicator crosses above -100. The last signal was a sell 5 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 sell 22 period(s) ago.
Rex Takasugi – TD Profile
FOREX EUR= closed down -0.000 at 1.178. Volume was 81% below average (consolidating) and Bollinger Bands were 51% narrower than normal.
Open High Low Close Volume 1.178 1.178 1.176 1.178 20,233
Technical Outlook Short Term: Oversold Intermediate Term: Bearish Long Term: Bullish
Moving Averages: 10-period 50-period 200-period Close: 1.18 1.17 1.12 Volatility: 6 7 9 Volume: 90,195 99,818 97,229
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 5.2% above its 200-period moving average and is in an downward trend. Volatility is low 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 bearish on EUR= and have had this outlook for the last 4 periods.
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