Euro: USD/EUR (EUR=X) continues to look for buyers on short-term dips

Euro: USD/EUR (EUR=X) continues to look for buyers on short-term dips

Euro: USD/EUR (EUR=X) continues to look for buyers on short-term dips

The Euro looks likely to be choppy and a bit listless heading into the trading session on Wednesday, as we await the Federal Reserve and its interest rate decision. If we do in fact get an interest rate cut, that should help the Euro in general.

However, the thing that people will pay the most attention to is the statement afterwards as people will be looking to what the Federal Reserve may do in the future. Ultimately, this is a market that need some type of direction, and we should get it late during the Wednesday session. Between now and then though, I think we don’t have anywhere to be.

Overall, the bias in prices is: Sideways.

By the way, prices are vulnerable to a correction towards 1.12.

The projected upper bound is: 1.13.

The projected lower bound is: 1.10.

The projected closing price is: 1.12.

Candlesticks

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 26 white candles and 24 black candles for a net of 2 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 37.6947. This is not an overbought or oversold reading. The last signal was a buy 1 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 40.28. 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 248 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 -73. This is not a topping or bottoming area. The last signal was a buy 0 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 sell 20 period(s) ago.

Rex Takasugi – TD Profile

FOREX EUR= closed up 0.001 at 1.115. Volume was 21% below average (neutral) and Bollinger Bands were 0% wider than normal.

Open     High      Low     Close     Volume___
1.114 1.116 1.113 1.115 74,772
Technical Outlook 
Short Term: Neutral
Intermediate Term: Bearish
Long Term: Bearish
Moving Averages: 10-period     50-period     200-period
Close: 1.12 1.12 1.13
Volatility: 5 6 7
Volume: 74,885 78,601 122,759

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 1.3% below its 200-period moving average and is in an downward trend. Volatility is low 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 15 periods.

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