Euro: USD/EUR (EUR=X) loses key support zone
The drop below $1.15 sends a bearish signal for EUR/USD, indicating that we may well see fresh declines.
A rebound towards $1.16 is possible, but any rally that fails to move above yesterday’s swing high is likely another selling opportunity. Further declines target $1.13.
Overall, the bias in prices is: Downwards.
By the way, prices are vulnerable to a correction towards 1.16.
The projected upper bound is: 1.17.
The projected lower bound is: 1.14.
The projected closing price is: 1.15.
During the past 10 bars, there have been 2 white candles and 7 black candles for a net of 5 black candles. During the past 50 bars, there have been 25 white candles and 24 black candles for a net of 1 white candles.
A long upper shadow occurred. This is typically a bearish signal (particularly when it occurs near a high price level, at resistance level, or when the security is overbought).
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 17.5658. This is an oversold reading. However, a signal is not generated until the Oscillator crosses above 20 The last signal was a sell 26 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 39.92. 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 36 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 -101.This is an oversold reading. However, a signal isn’t generated until the indicator crosses above -100. The last signal was a sell 7 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 5 period(s) ago.
Rex Takasugi – TD Profile
FOREX EUR= closed down -0.000 at 1.151. Volume was 99% below average (consolidating) and Bollinger Bands were 13% wider than normal.
Open High Low Close Volume___
1.151 1.152 1.151 1.151 1,859
Short Term: Oversold
Intermediate Term: Bearish
Long Term: Bearish
Moving Averages: 10-period 50-period 200-period
Close: 1.16 1.16 1.19
Volatility: 6 8 9
Volume: 118,484 134,127 136,506
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 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 2 periods.