The Euro initially tried to rally during the trading session on Wednesday but gave back all of the gains and smashed into the 1.17 level by the time the Americans got on board. Ultimately, this is a market that will probably go much lower, and as you can see the recent rally has already given up about half of the gains.
Ultimately, this is a market that looks very likely to go towards the 1.15 handle, as it was a significant resistance barrier previously, and of course the number is a big figure that will attract a lot of attention anyway, so it makes a nice target. Furthermore, when you look at the rounded top that formed previously, the measured move reaches to that same overall region.
Euro/US Dollar Exchange Rate
Today’s Forex Rates
EUR/USD 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: 1.17.
A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 4 white candles and 6 black candles for a net of 2 black candles. During the past 50 bars, there have been 27 white candles and 23 black candles for a net of 4 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 85.5452. This is an overbought reading. However, a signal is not generated until the Oscillator crosses below 80 The last signal was a buy 2 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 47.47. 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 31 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 -19. This is not a topping or bottoming area. The last signal was a buy 2 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 38 period(s) ago.
Rex Takasugi – TD Profile
FOREX EUR= closed up 0.002 at 1.173. Volume was 92% below average (consolidating) and Bollinger Bands were 23% narrower than normal.
Open High Low Close Volume 1.172 1.174 1.171 1.173 8,551
Technical Outlook Short Term: Neutral Intermediate Term: Bearish Long Term: Bullish
Moving Averages: 10-period 50-period 200-period Close: 1.17 1.18 1.12 Volatility: 7 7 9 Volume: 100,994 98,906 101,241
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 4.3% above its 200-period moving average and is in an downward 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 bearish on EUR= and have had this outlook for the last 20 periods.
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