Euro: USD/EUR (EUR=X) likely to be determined by trader reaction

Euro: USD/EUR (EUR=X) likely to be determined by trader reaction

Euro: USD/EUR (EUR=X) likely to be determined by trader reaction

The Euro is trading nearly flat on Tuesday as investors await fresh news about Brexit and a slew of U.S. economic data. Traders are also saying that the single-currency is being supported by economic surveys showing tentative signs of recovery in the Euro Zone economy but warned that signals from the fixed income markets could continue to be the source of concerns.

At 12:23 GMT, the EUR/USD is trading 1.1304, down 0.0011 or -0.09%.

Traders are saying a stronger-than-forecast German business confidence survey on Monday was buoying the single currency, but German 10-year bund yields remained below zero and that worried global stock markets despite some steadying on Tuesday.

Overall, the bias in prices is: Sideways.

The projected upper bound is: 1.14.

The projected lower bound is: 1.12.

The projected closing price is: 1.13.

Candlesticks

A black body occurred (because prices closed lower 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 24 white candles and 24 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 16.7610. This is an oversold reading. However, a signal is not generated until the Oscillator crosses above 20 The last signal was a sell 4 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 43.66. 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 158 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 -25. This is not a topping or bottoming area. The last signal was a sell 2 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 7 period(s) ago.

Rex Takasugi – TD Profile

FOREX EUR= closed down -0.003 at 1.128. Volume was 9% below average (neutral) and Bollinger Bands were 4% wider than normal.

Open High Low Close Volume___
1.131 1.133 1.127 1.128 132,328

Technical Outlook
Short Term: Oversold
Intermediate Term: Bullish
Long Term: Bearish

Moving Averages: 10-period 50-period 200-period
Close: 1.13 1.13 1.15
Volatility: 6 6 8
Volume: 140,073 148,598 142,853

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 1.7% below its 200-period moving average and is in an upward trend. Volatility is 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 4 periods.

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