Euro: USD/EUR (EUR=X) falls into key support
EUR/USD has been continuing its decline, with the pair falling into the crucial $1.1526 support level. The ability to break below here is going to be key in determining our direction for the day.
As such, watch for an hourly close below this level for a bearish outlook. Otherwise, watch short-term intraday charts for potential bullish signals if we fail to break lower.
Overall, the bias in prices is: Sideways.
By the way, prices are vulnerable to a correction towards 1.17.
The projected upper bound is: 1.17.
The projected lower bound is: 1.14.
The projected closing price is: 1.15.
A white body occurred (because prices closed higher 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.
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 12.7877. This is an oversold reading. However, a signal is not generated until the Oscillator crosses above 20 The last signal was a sell 24 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 40.89. 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 34 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 -137.This is an oversold reading. However, a signal isn’t generated until the indicator crosses above -100. The last signal was a sell 5 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 3 period(s) ago.
Rex Takasugi – TD Profile
FOREX EUR= closed up 0.000 at 1.155. Volume was 98% below average (consolidating) and Bollinger Bands were 6% narrower than normal.
Open High Low Close Volume___
1.155 1.155 1.154 1.155 2,875
Short Term: Oversold
Intermediate Term: Bullish
Long Term: Bearish
Moving Averages: 10-period 50-period 200-period
Close: 1.17 1.16 1.19
Volatility: 8 8 9
Volume: 122,864 134,801 136,120
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 3.3% below its 200-period moving average and is in an upward trend. Volatility is relatively normal 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 26 periods.