Euro: USD/EUR (EUR=X) reaching towards the 1.12 level to turn things around and show signs of exhaustion

Euro: USD/EUR (EUR=X) reaching towards the 1.12 level to turn things around and show signs of exhaustion

Euro: USD/EUR (EUR=X) reaching towards the 1.12 level to turn things around and show signs of exhaustion

The EUR/USD pair continues to chop around, reaching towards the 1.12 level to turn things around and show signs of exhaustion. By doing so, it looks as if we may try to stay within this range but if we break above this downtrend line, meaning clearing the 1.1250 level, then it’s likely that the market will continue to march much higher, changing the overall attitude and trend of the Euro. Remember though, no matter what happens it’s going to be choppy and noisy, which is the natural state of this currency pair.

Technical Indicators

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: 1.11.

Candlesticks

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 29 white candles and 20 black candles for a net of 9 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 56.5758. This is not an overbought or oversold reading. The last signal was a sell 6 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 61.26. 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 74 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 98. This is not a topping or bottoming area. The last signal was a sell 0 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 9 period(s) ago.

Rex Takasugi – TD Profile

FOREX EUR= closed up 0.001 at 1.113. Volume was 100% below average (consolidating) and Bollinger Bands were 15% narrower than normal.

Open     High      Low     Close     Volume___
1.112 1.113 1.112 1.113 176
Technical Outlook 
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: 54,712 67,126 87,410

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 0.2% 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 3 periods. The security price has set a new 14-period high while our momentum oscillator has not. This is a bearish divergence.

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