The Euro has rallied a bit during the trading session on Monday again, but still faces significant headwinds near the 1.19 level. As you can see of the last couple of sessions, every time this market has gotten close to that level it has sold off. In fact, it seems as if there is a bit of a barrier there that the buyers simply cannot get past.
Having said that, we are still in an uptrend, so I think what we are looking at is a scenario where we simply fade the rally in the short term. It is not until we break above the 1.20 level that I believe this market is a “buy-and-hold” scenario.
Euro/US Dollar Exchange Rate
Today’s Forex Rates
Overall, the bias in prices is: Upwards.
The projected upper bound is: 1.20.
The projected lower bound is: 1.17.
The projected closing price is: 1.19.
A white body occurred (because prices closed higher 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 32 white candles and 18 black candles for a net of 14 white candles.
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 61.7452. This is not an overbought or oversold reading. The last signal was a buy 5 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 56.82. 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 20 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 2. This is not a topping or bottoming area. The last signal was a buy 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 27 period(s) ago.
Rex Takasugi – TD Profile
FOREX EUR= closed up 0.002 at 1.186. Volume was 67% below average (consolidating) and Bollinger Bands were 57% narrower than normal.
Open High Low Close Volume 1.185 1.187 1.183 1.186 34,657
Technical Outlook Short Term: Neutral Intermediate Term: Bearish Long Term: Bullish
Moving Averages: 10-period 50-period 200-period Close: 1.18 1.17 1.12 Volatility: 4 7 9 Volume: 85,276 97,649 98,124
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 5.8% above its 200-period moving average and is in an downward 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 bearish on EUR= and have had this outlook for the last 9 periods.