Euro: USD/EUR (EUR=X) recovery faces yearly open resistance at 1.1445
The Euro rally is now testing yearly open / slope resistance and leaves the immediate recovery vulnerable while below 1.1445. From a trading standpoint, we’re looking for signs of support while above 1.1232. If price has indeed turned a corner. That said, a break below this week’s lows would shift the focus back towards longer-term pitchfork support, currently near 1.11. I’ll publish an updated EUR/USD Technical Outlook once we get further clarity in near-term price action.
Overall, the bias in prices is: Sideways.
By the way, prices are vulnerable to a correction towards 1.14.
The projected upper bound is: 1.15.
The projected lower bound is: 1.13.
The projected closing price is: 1.14.
A black body occurred (because prices closed lower than they opened).
During the past 10 bars, there have been 8 white candles and 2 black candles for a net of 6 white candles. During the past 50 bars, there have been 24 white candles and 24 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 66.7509. This is not an overbought or oversold reading. The last signal was a sell 1 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 54.06. 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 155 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 120.This is an overbought reading. However, a signal isn’t generated until the indicator crosses below 100. The last signal was a buy 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 4 period(s) ago.
Rex Takasugi – TD Profile
FOREX EUR= closed down -0.005 at 1.137. Volume was 1% above average (neutral) and Bollinger Bands were 6% wider than normal.
Open High Low Close Volume___
1.141 1.144 1.134 1.137 146,727
Short Term: Neutral
Intermediate Term: Bullish
Long Term: Bearish
Moving Averages: 10-period 50-period 200-period
Close: 1.13 1.14 1.15
Volatility: 5 6 8
Volume: 141,773 149,588 143,140
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 1.0% below its 200-period moving average and is in an upward 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 bullish on EUR= and have had this outlook for the last 1 periods.