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Euro: EUR/USD (EUR=X) Retail Trader Sentiment Shows a Bullish Bias

$EUR #Euro #USD #FX #Currencies #Trading #Markets #ECB

Euro
Ticker: EUR=
Price: $1.1844

Euro Outlook

The initial SURE bond sale today pulled a strong crowd with demand tenfold the amount of bonds for sale. The European Union’s first joint debt scheme, the Support to mitigate Unemployment Risks in an Emergency bonds, attracted demand exceeding €233 billion for €17 billion on bonds on sale. 

Breaking this down further, the 10-year drew €145 billion of demand on €10 billion on offer.The 20-year attracted demand of €88 billion, according to  Reuters.

The US dollar basket (DXY) remains weak as it draws towards a one-month support at 93.000 The ongoing dispute over the covid relief bill is closing in on the October 20 deadline imposed by House Speaker Nancy Pelosi. The near-term outlook of the US Dollar will be directed by the outcome of the talks.

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: 1.20.

The projected lower bound is: 1.17.

The projected closing price is: 1.18.

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 26 white candles and 24 black candles for a net of 2 white candles.

Three white candles occurred in the last three days. Although these candles were not big enough to create three white soldiers, the steady upward pattern is bullish.

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 84.3402. This is an overbought reading. However, a signal is not generated until the Oscillator crosses below 80 The last signal was a buy 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 58.73. 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 45 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 176.This is an overbought reading. However, a signal isn’t generated until the indicator crosses below 100. The last signal was a sell 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 1 period(s) ago.

Rex Takasugi – TD Profile

FOREX EUR= closed up 0.003 at 1.185. Volume was 77% below average (consolidating) and Bollinger Bands were 32% narrower than normal.

Open    High    Low    Close     Volume
1.182   1.185   1.182  1.185     23,923
Technical Outlook
Short Term:        Overbought
Intermediate Term: Bullish
Long Term:         Bullish
Moving Averages: 10-period     50-period       200-period
Close:           1.18          1.18            1.13
Volatility:      7             7               9
Volume:          88,612        99,354          104,452

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 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 0 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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