Euro: USD/EUR (EUR=X) rallying from horizontal support

Euro: USD/EUR (EUR=X) rallying from horizontal support

Euro: USD/EUR (EUR=X) rallying from horizontal support

EUR/USD has started to gain ground from the $1.1724 support level, which represents the highs from the beginning of last week.

With a clear uptrend in play over recent weeks, the weakness we have seen since Friday’s peak of $1.1803 is likely to start fading. As such, while further short-term downside is possible, it is worthwhile noting that it is likely to be temporary, and thus a bullish outlook remains in play unless the price falls below $1.1650.

Overall, the bias in prices is: Sideways.

By the way, prices are vulnerable to a correction towards 1.17.

The projected upper bound is: 1.19.

The projected lower bound is: 1.16.

The projected closing price is: 1.17.

Candlesticks

A white body occurred (because prices closed higher 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 28 white candles and 22 black candles for a net of 6 white 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 63.6714. This is not an overbought or oversold reading. The last signal was a sell 18 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 59.97. 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 28 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 105.This is an overbought reading. However, a signal isn’t generated until the indicator crosses below 100. The last signal was a sell 18 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 8 period(s) ago.

Rex Takasugi – TD Profile

FOREX EUR= closed up 0.000 at 1.175. Volume was 98% below average (consolidating) and Bollinger Bands were 24% narrower than normal.

Open High Low Close Volume___
1.175 1.176 1.174 1.175 3,325

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

Moving Averages: 10-period 50-period 200-period
Close: 1.17 1.16 1.19
Volatility: 7 8 9
Volume: 122,756 136,082 134,471

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 1.6% 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 20 periods.

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