Euro: USD/EUR (EUR=X) showing hints of bullishness but lacks confirmation
The Euro-to-Dollar exchange rate is trading at 1.1168 at the start of the new trading week, a third of a percent lower than the week before.
The pair has endured yet another volatile week in which it declined almost back down to the 1.1107 lows but then recovered right at the end, just like it did on the previous Friday.
Initial weakness from the Euro on a continued subdued outlook for the Eurozone economy was finally replaced by Dollar-weakness after president Trump threatened Mexico with tariffs.
Overall, the bias in prices is: Sideways.
By the way, prices are vulnerable to a correction towards 1.13.
The projected upper bound is: 1.12.
The projected lower bound is: 1.11.
The projected closing price is: 1.12.
During the past 10 bars, there have been 5 white candles and 4 black candles for a net of 1 white candles. During the past 50 bars, there have been 22 white candles and 27 black candles for a net of 5 black candles.
A long lower shadow occurred. This is typically a bullish signal (particularly when it occurs near a low price level, at a support level, or when the security is oversold).
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 42.0693. This is not an overbought or oversold reading. The last signal was a sell 4 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 46.35. 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 207 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 -14. This is not a topping or bottoming area. The last signal was a buy 1 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 0 period(s) ago.
Rex Takasugi – TD Profile
FOREX EUR= closed unchanged at 1.117. Volume was 99% below average (consolidating) and Bollinger Bands were 40% narrower than normal.
Open High Low Close Volume___
1.117 1.117 1.115 1.117 1,332
Short Term: Neutral
Intermediate Term: Bearish
Long Term: Bearish
Moving Averages: 10-period 50-period 200-period
Close: 1.12 1.12 1.14
Volatility: 4 4 7
Volume: 89,936 111,615 134,169
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 1.8% below its 200-period moving average and is in an downward 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 bearish on EUR= and have had this outlook for the last 9 periods.