Euro: USD/EUR (EUR=X) target is the zone 1.1120-1.1300
60% of analysts believe that the dollar will continue to strengthen, and the pair will go down. Graphical analysis on H4 and D1, most indicators agree with this development. The target is the zone 1.1120-1.1300.
There is little sign that the euro is about to turn around its rough patch against the dollar as concerns over the exposure of the region’s banks to Turkey ratchet up and bund yields slide back toward the lower end of their recent range.
The common currency broke below support at $1.1500 Friday to touch its lowest point since July last year following a report that the European Central Bank (ECB) sees UniCredit as particularly vulnerable to Turkey’s market woes. While there isn’t a large build-up of long positions to be squeezed out, a change in fortunes may be unlikely until bund yields begin to rise more meaningfully.
Overall, the bias in prices is: Downwards.
By the way, prices are vulnerable to a correction towards 1.17.
The projected upper bound is: 1.15.
The projected lower bound is: 1.12.
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 2 white candles and 8 black candles for a net of 6 black candles. During the past 50 bars, there have been 25 white candles and 25 black candles.
A spinning top occurred (a spinning top is a candle with a small real body). Spinning tops identify a session in which there is little price action (as defined by the difference between the open and the close). During a rally or near new highs, a spinning top can be a sign that prices are losing momentum and the bulls may be in trouble.
Three black candles occurred in the last three days. Although these candles were not big enough to create three black crows, the steady downward pattern is bearish.
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 6.8517. This is an oversold reading. However, a signal is not generated until the Oscillator crosses above 20 The last signal was a buy 3 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 29.10. This is where it usually bottoms. The RSI usually forms tops and bottoms before the underlying security. A buy or sell signal is generated when the RSI moves out of an overbought/oversold area. The last signal was a buy 53 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 -203.This is an oversold reading. However, a signal isn’t generated until the indicator crosses above -100. The last signal was a buy 3 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 7 period(s) ago.
Rex Takasugi – TD Profile
FOREX EUR= closed down -0.003 at 1.138. Volume was 98% below average (consolidating) and Bollinger Bands were 10% wider than normal.
Open High Low Close Volume___
1.139 1.139 1.136 1.138 3,017
Short Term: Oversold
Intermediate Term: Bearish
Long Term: Bearish
Moving Averages: 10-period 50-period 200-period
Close: 1.16 1.17 1.20
Volatility: 7 9 9
Volume: 125,348 147,389 130,911
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 5.0% below its 200-period moving average and is in an downward trend. Volatility is extremely high when compared to the average volatility over the last 10 periods. There is a good possibility that volatility will decrease and prices will stabilize in the near term. 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 5 periods. Our momentum oscillator is currently indicating that EUR= is currently in an oversold condition.