Euro: USD/EUR (EUR=X) back on a downward path

Euro: USD/EUR (EUR=X) back on a downward path

Euro: USD/EUR (EUR=X) back on a downward path

Having rallied to $1.155, the price of EUR/USD has weakened again, and so far this morning further downward pressure is developing.

The previous two sessions saw the pair find support around $1.145, but if this is lost then the lows from a week ago at $1.143 come into play. In the short term, we have seen lower highs since the peak last week, so any bullish recovery needs to see the price move back above $1.149.

Overall, the bias in prices is: Sideways.

By the way, prices are vulnerable to a correction towards 1.15.

The projected upper bound is: 1.16.

The projected lower bound is: 1.13.

The projected closing price is: 1.14.

Candlesticks

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 27 white candles and 23 black candles for a net of 4 white candles.

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 31.8009. This is not an overbought or oversold reading. The last signal was a sell 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 49.29. 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 buy 108 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 -32. This is not a topping or bottoming area. The last signal was a sell 2 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 42 period(s) ago.

Rex Takasugi – TD Profile

FOREX EUR= closed down -0.006 at 1.141. Volume was 29% above average (neutral) and Bollinger Bands were 14% narrower than normal.

Open High Low Close Volume___
1.147 1.149 1.138 1.141 178,550

Technical Outlook
Short Term: Neutral
Intermediate Term: Bullish
Long Term: Bearish

Moving Averages: 10-period 50-period 200-period
Close: 1.14 1.14 1.16
Volatility: 11 9 8
Volume: 134,539 142,585 140,559

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 1.7% below its 200-period moving average and is in an upward trend. Volatility is high 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 28 periods.

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