Euro: USD/EUR (EUR=X) Rallies Towards 200 day EMA
The Euro has rallied a bit during the trading session on Monday but continues to struggle near the 200 day EMA. We have seen a massive selloff when we did try to break above the top of the 200 day EMA, and therefore it’s very likely we will continue to see a lot of selling just above. There is a downtrend line and the 61.8% Fibonacci retracement level from the previous uptrend that should now be resistance. Beyond that, the 1.12 level is something to pay attention to as well, so overall, it’s likely that we will see more noise above as we get closer to the downtrend line. Beyond that, there were several negative European figures that had come out earlier in the day that could have a bit of negative influence as well.
Overall, the bias in prices is: Sideways.
By the way, prices are vulnerable to a correction towards 1.11.
The projected upper bound is: 1.12.
The projected lower bound is: 1.11.
The projected closing price is: 1.12.
A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 6 white candles and 3 black candles for a net of 3 white candles. During the past 50 bars, there have been 30 white candles and 19 black candles for a net of 11 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 55.0239. This is not an overbought or oversold reading. The last signal was a sell 7 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 63.81. 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 75 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 119.This is an overbought reading. However, a signal isn’t generated until the indicator crosses below 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 buy 10 period(s) ago.
Rex Takasugi – TD Profile
FOREX EUR= closed up 0.001 at 1.115. Volume was 21% below average (neutral) and Bollinger Bands were 6% narrower than normal.
Open High Low Close Volume___
1.114 1.117 1.113 1.115 57,105
Short Term: Neutral
Intermediate Term: Bullish
Long Term: Bearish
Moving Averages: 10-period 50-period 200-period
Close: 1.11 1.11 1.12
Volatility: 4 4 5
Volume: 59,209 67,816 87,141
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 0.0% below its 200-period moving average and is in an upward 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 bullish on EUR= and have had this outlook for the last 4 periods.