Euro: USD/EUR (EUR=X) held up at SMA support
EUR/USD has been turning lower from trendline support over the past 24 hours, with the pair seeking to continue the pullback following the late-August rebound. This move lower is likely to continue, yet with the 200-day simple moving average (SMA) on the four-hour chart below, we have a key hurdle to overcome.
Given the recent respect of this moving average, it makes sense to await a break and closed candle below that level as a signal of further downside. Conversely, a break above $1.1650 would point towards a resurgence for the pair.
Overall, the bias in prices is: Sideways.
The projected upper bound is: 1.18.
The projected lower bound is: 1.15.
The projected closing price is: 1.16.
During the past 10 bars, there have been 5 white candles and 4 black candles for a net of 1 white candles. During the past 50 bars, there have been 27 white candles and 22 black candles for a net of 5 white candles.
A doji star occurred (where a doji gaps above or below the previous candle). This often signals a reversal with confirmation occurring on the next bar.
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 71.3927. This is not an overbought or oversold reading. The last signal was a sell 10 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 52.88. 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 20 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 -3. This is not a topping or bottoming area. The last signal was a sell 10 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 4 period(s) ago.
Rex Takasugi – TD Profile
FOREX EUR= closed up 0.000 at 1.163. Volume was 100% below average (consolidating) and Bollinger Bands were 28% narrower than normal.
Open High Low Close Volume___
1.163 1.163 1.162 1.163 385
Short Term: Neutral
Intermediate Term: Bullish
Long Term: Bearish
Moving Averages: 10-period 50-period 200-period
Close: 1.16 1.16 1.19
Volatility: 7 8 9
Volume: 115,926 138,358 133,377
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 2.7% below its 200-period moving average and is in an upward trend. Volatility is extremely low when compared to the average volatility over the last 10 periods. There is a good possibility that there will be an increase in volatility along with sharp price fluctuations in the near future. 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 12 periods.