Euro: USD/EUR (EUR=X) continues to break lower

Euro: USD/EUR (EUR=X) continues to break lower

Euro: USD/EUR (EUR=X) continues to break lower

EUR/USD has been ramping up the selling in the wake of the reversal from trendline resistance. This continues the wider trend of lower highs, with a break below the $1.1216 level required to bring about a new lower low.

With a long-term descending trendline down below, a break below the $1.1213 level could signal the beginning of another strong move lower for the pair. A break through $1.1472 would be required to negate the bearish outlook.

Overall, the bias in prices is: Downwards.

The projected upper bound is: 1.15.

The projected lower bound is: 1.12.

The projected closing price is: 1.14.

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 21 white candles and 29 black candles for a net of 8 black 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 25.7320. This is not an overbought or oversold reading. The last signal was a buy 0 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 48.50. 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 74 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 -9. This is not a topping or bottoming area. The last signal was a buy 10 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 8 period(s) ago.

Rex Takasugi – TD Profile

FOREX EUR= closed up 0.008 at 1.137. Volume was 3% above average (neutral) and Bollinger Bands were 27% narrower than normal.

Open High Low Close Volume___
1.129 1.139 1.126 1.137 142,353

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

Moving Averages: 10-period 50-period 200-period
Close: 1.14 1.15 1.18
Volatility: 9 8 8
Volume: 147,393 138,766 139,266

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 3.4% below its 200-period moving average and is in an downward 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 bearish on EUR= and have had this outlook for the last 1 periods.

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