Euro: USD/EUR (EUR=X) Mixed Signals
Just when it seemed like a bit of clarity had finally emerged in Euro technical positioning, a sharp recovery from support above the 1.10 figure has muddied the waters anew. The move pointedly undid an earlier break below a long-standing support shelf in the 1.1107-16 area, which seemed to signal bearish trend resumption after a long period of aimless drift.
Prices are now pinned to neckline support-turned-resistance just above the 1.12 mark. A daily close above that faces minor upside barriers at 1.1286 and 1.1348 along the way to a challenge of the June 25 swing top at 1.1412. Alternatively, a move back below 1.1107 paves the way for another probe of the August 1 bottom (and two-year low) at 1.1027.
Overall, the bias in prices is: Sideways.
By the way, prices are vulnerable to a correction towards 1.12.
The projected upper bound is: 1.13.
The projected lower bound is: 1.11.
The projected closing price is: 1.12.
A black body occurred (because prices closed lower than they opened).
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 25 white candles and 24 black candles for a net of 1 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 72.1780. This is not an overbought or oversold reading. The last signal was a sell 0 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 48.17. 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 255 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 81. This is not a topping or bottoming area. The last signal was a buy 4 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 buy 2 period(s) ago.
Rex Takasugi – TD Profile
FOREX EUR= closed down -0.002 at 1.118. Volume was 11% above average (neutral) and Bollinger Bands were 11% wider than normal.
Open High Low Close Volume___
1.120 1.123 1.117 1.118 101,753
Short Term: Neutral
Intermediate Term: Bearish
Long Term: Bearish
Moving Averages: 10-period 50-period 200-period
Close: 1.11 1.12 1.13
Volatility: 7 7 7
Volume: 90,766 79,092 121,247
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 1.1% below its 200-period moving average and is in an downward trend. Volatility is high 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 22 periods.
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