Euro: USD/EUR (EUR=X) pulling back after recent bullish break
EUR/USD has been moving lower since Friday morning, coming off the back of a trendline breakout. The fact that we saw a move that barely even reached the 50% level points towards the possibility of further upside.
With that in mind, the current pullback looks like a short-term retracement before we turn higher once again. A break below $1.1302 would negate that bullish short-term view.
Overall, the bias in prices is: Downwards.
By the way, prices are vulnerable to a correction towards 1.16.
The projected upper bound is: 1.15.
The projected lower bound is: 1.13.
The projected closing price is: 1.14.
A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 4 white candles and 6 black candles for a net of 2 black candles. During the past 50 bars, there have been 22 white candles and 28 black candles for a net of 6 black 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 69.9316. This is not an overbought or oversold reading. The last signal was a buy 2 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 44.39. 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 57 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 -30. This is not a topping or bottoming area. The last signal was a buy 2 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 0 period(s) ago.
Rex Takasugi – TD Profile
FOREX EUR= closed up 0.003 at 1.141. Volume was 27% below average (neutral) and Bollinger Bands were 6% wider than normal.
Open High Low Close Volume___
1.139 1.142 1.135 1.141 101,700
Short Term: Neutral
Intermediate Term: Bearish
Long Term: Bearish
Moving Averages: 10-period 50-period 200-period
Close: 1.14 1.16 1.19
Volatility: 8 8 8
Volume: 137,896 133,343 138,978
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 3.8% below its 200-period moving average and is in an downward 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 bearish on EUR= and have had this outlook for the last 23 periods.
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