EUR/USD continues to trade above the 20 EMA at 1.1840 as the U.S. dollar is losing ground against a broad basket of currencies.
The U.S. Dollar Index continues its attempts to get below the strong support level at 92.80. In case the U.S. Dollar Index manages to settle below this level, it will gain more downside momentum which will be bullish for EUR/USD.
Today, EUR/USD trading dynamics will mostly depend on general market sentiment since neither U.S. nor EU will release any important economic reports.
European Central Bank President Christine Lagarde is scheduled to speak later today but the market does not expect any surprises from this speech.
At this point, the worsening situation on the coronavirus front in Europe did not put any pressure on the euro. However, some European countries start to reimpose virus containment measures and the confidence in the recovery of the European economy may decline.
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: 1.18.
A black body occurred (because prices closed lower 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 29 white candles and 21 black candles for a net of 8 white candles.
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).
A spinning top occurred (a spinning top is a candle with a small real body). Spinning tops identify a session in which there is little price action (as defined by the difference between the open and the close). During a rally or near new highs, a spinning top can be a sign that prices are losing momentum and the bulls may be in trouble.
Three black candles occurred in the last three days. Although these candles were not big enough to create three black crows, the steady downward pattern is bearish.
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 36.7011. This is not an overbought or oversold reading. The last signal was a buy 9 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 45.18. 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 24 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 -170.This is an oversold reading. However, a signal isn’t generated until the indicator crosses above -100. The last signal was a buy 9 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 31 period(s) ago.
Rex Takasugi – TD Profile
FOREX EUR= closed down -0.000 at 1.177. Volume was 87% below average (consolidating) and Bollinger Bands were 54% narrower than normal.
Open High Low Close Volume 1.177 1.177 1.175 1.177 14,315
Technical Outlook Short Term: Neutral Intermediate Term: Bearish Long Term: Bullish
Moving Averages: 10-period 50-period 200-period Close: 1.18 1.18 1.12 Volatility: 5 7 9 Volume: 90,521 98,206 99,012
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 4.8% 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 13 periods.