Euro: USD/EUR (EUR=X) Falls After Weak German Factory Orders
Eurozone outlook dims as German factory orders slump in June.
Data comes as fears over Italian politics appear on radar again.
EUR/USD to break 1.15 this week and fall to new lows this summer.
The Euro was steady Monday but a stalling continental economy means the single currency will set new lows against the Dollar before the summer is out, according to analysts from some of Europe’s largest banks.
Bearish calls on the Euro come at a time when currency markets are taking their lead from the relative performance of national economies.
Overall, the bias in prices is: Downwards.
The projected upper bound is: 1.17.
The projected lower bound is: 1.14.
The projected closing price is: 1.15.
A black body occurred (because prices closed lower than they opened).
During the past 10 bars, there have been 3 white candles and 7 black candles for a net of 4 black candles. During the past 50 bars, there have been 26 white candles and 24 black candles for a net of 2 white candles.
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 6.1405. This is an oversold reading. However, a signal is not generated until the Oscillator crosses above 20 The last signal was a sell 19 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 38.15. 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 48 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 -172.This is an oversold reading. However, a signal isn’t generated until the indicator crosses above -100. The last signal was a buy 11 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 2 period(s) ago.
Rex Takasugi – TD Profile
FOREX EUR= closed down -0.002 at 1.155. Volume was 25% below average (neutral) and Bollinger Bands were 40% narrower than normal.
Open High Low Close Volume___
1.157 1.157 1.153 1.155 107,119
Short Term: Oversold
Intermediate Term: Bearish
Long Term: Bearish
Moving Averages: 10-period 50-period 200-period
Close: 1.16 1.17 1.20
Volatility: 7 9 8
Volume: 138,509 152,749 130,800
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 3.5% below 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 moderate flows of volume out of EUR= (mildly bearish). Our trend forecasting oscillators are currently bearish on EUR= and have had this outlook for the last 0 periods.
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