Euro: USD/EUR (EUR=X) showing an attraction to the 1.12 handle
The Euro rallied a bit during the beginning of the week, showing an attraction to the 1.12 handle. That’s an area that has offered resistance in the past, and we did in fact break down from there rather significantly. The 1.11 handle is what the market seems to be attracted to, as it is the middle of the range that the market has been trading. The 1.12 level is resistance while the 1.10 level underneath is massive support. Ultimately, the market still looks as if it’s trying to grind lower but if we were to break above the top of the shooting star from the previous week, the Euro will more than likely go much higher.
The 50 week EMA is offering resistance, so that’s something to pay attention to as well. If we do break above the 1.1250 level, it’s very likely that the market will go towards 1.14 handle, which is the 200 week EMA. With all things being equal, this is a market that remains very choppy and noisy, and therefore longer-term traders will need to see a significant break out to start buying. Shorter-term traders have a little bit easier path to the upside, but even at this point one thing you can count on is that the market is going to be extraordinarily choppy. Traders come back to work on Monday from the holidays, now that the Non-Farm Payroll announcement has gotten out of the way. With this, volume should pick up in the first couple of candles of the year could set the town.
Overall, the bias in prices is: Sideways.
The projected upper bound is: 1.12.
The projected lower bound is: 1.10.
The projected closing price is: 1.11.
A black body occurred (because prices closed lower 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 26 white candles and 23 black candles for a net of 3 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 23.8639. This is not an overbought or oversold reading. The last signal was a buy 0 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 48.45. 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 94 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 -57. This is not a topping or bottoming area. 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 sell 3 period(s) ago.
Rex Takasugi – TD Profile
FOREX EUR= closed down -0.000 at 1.112. Volume was 100% below average (consolidating) and Bollinger Bands were 8% narrower than normal.
Open High Low Close Volume___
1.112 1.112 1.112 1.112 108
Short Term: Neutral
Intermediate Term: Bullish
Long Term: Bearish
Moving Averages: 10-period 50-period 200-period
Close: 1.12 1.11 1.11
Volatility: 4 5 5
Volume: 49,516 57,376 78,494
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 0.2% 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 23 periods.